The RBA left cash rate unchanged at 1.50% for a record 18th straight meeting
And the central bank didn't really provide any significant changes in language either. Not like that wasn't expected, but yeah. That has left the aussie still pretty much trapped in limbo against the dollar as AUD/USD barely moved an inch following the RBA announcement.
On the daily chart, the pair is pretty much still anchored towards the bottom of this year's range but has been trading range-bound over the last five trading days.
That range lies between the 76.4/23.6 retracement level @ 0.7652 and the 0.7700 handle. The aussie is holding its ground on the day despite further threats of a trade retaliation by China, and the fact that equities are facing a tough time in Asian trading so far.
Do also take note that we have a rather large option expiry for the pair at 0.7680 today, so that could attract price action to be a bit sticky around current levels until it wears off.
But the technical picture remains that we are trapped between the two levels highlighted for the time being. However, if you look at the chart closely you'd notice the series of lower highs and lower lows - something pointed out previously here - and unless that pattern breaks, a downside move is still expected for the pair.
