AUD/USD little changed near 5-DMA on RBA’s rates on-hold

The AUD/USD pair keeps the offered tone intact and meanders near daily troughs, following RBA’s unchanged interest rate decision, which was widely anticipated by markets.

AUD/USD unfazed by RBA

Currently, the AUD/USD pair trades -0.24% lower at 0.7453, holding slightly above daily lows struck previously at 0.7445. The AUD remains largely non-reactive on RBA’s status-quo, with the bulls little impressed by the central bank’s rhetoric that the rates-on hold stance remains consistent with sustainable growth and achieving inflation target over time. RBA kept its Official Cash Rate (OCR) unchanged at a record low of 1.5%, as expected, at its policy meeting today.

Meanwhile, markets now absorb the details from the RBA’s monetary policy statement, which cite that Rising AUD could complicate economic transition, while noting that the bank expects a slower annual growth rate before a pick up.

With the RBA decision out of the way, attention turns towards the RO-RO trends and upcoming US fundamentals for fresh incentives on the major.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7505 (Nov 17 high) above which gains could be extended to the next hurdle located 0.7575 (Nov 16 high) and 0.7600 (zero figure). On the flip side, the immediate support located 0.7400 (round number). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7385 (key support) and below that at 0.7366 (Dec 1 low).