AUD/USD continues to eye the 0.7500 handle
Although the aussie is tracking higher on the day, the overall backdrop hasn't changed with the RBA leaving its cash rate on hold for a record 19th straight meeting and the statement offering little to boast.
The pair is currently holding above the 22 June low from last year @ 0.7535 but in the bigger picture looks towards a test of the 0.7500 handle and the December low of 0.7502. Those will be key levels to eye for the pair.
After breaking the multi-year trendline support in April, the pair definitely looked set to extend to the downside but whatever the case is, the key support level for the time being will be that 0.7500 handle.
If the 0.7500 handle fails to hold, the technical picture looks a little ugly with the next key support being the 0.7400 figure level - as further key downside support is only seen between 0.7350 and 0.7400.
From the aussie's point of view, the RBA's statement basically cements the market's expectations already so I reckon there isn't much else to go on. Right now, it will be about the dollar part of the equation - and with the dollar index going up against a key resistance level, things are just about to get interesting.
