AUDUSD generated bullish signal on post-RBA rally
Recovery is gaining pace as the pair accelerated higher on Tuesday after RBA left interest rates unchanged at 1.5% as expected. The following statement showed no changes from the previous monetary policy meeting and indicating that the central bank would remain neutral and on hold for some time.
AUDUSD accelerated to fresh three-week high at 0.7653 after release. This marks pivotal resistance (Fibo 61.8% of 0.7729/0.7530 downleg) and sustained break here would trigger fresh extension higher and expose key barriers at 0.7691/0.7729 (200SMA / 02 Nov high).
Fresh bullish acceleration which eventually took out important barrier at 0.7607 (20SMA), turned techs on lower timeframes into full bullish setup while daily studies improved and regained bullish momentum.
Broken 30SMA (0.7634) now acts as initial support with extended downticks expected to hold above broken 20SMA.
Res: 0.7653; 0.7691; 0.7729; 0.7776
Sup: 0.7634; 0.7607; 0.7594; 0.7579