Aussie bounces after a hawkish RBA hike, but recovery was so far limited

The AUDUSD jumped to two-day high (0.7147) after being in red for the seven consecutive days, lifted by the Reserve Bank of Australia rate hike on Tuesday.
The RBA surprised markets by raising interest rate by 25 basis points to 0.35%, as most of analysts were betting for a 15 basis points increase, and some expected the central bank to stay on hold ahead of Australia’s election on May 21.
The RBA said it is committed to do what is necessary to return soaring inflation to its target and signaled more action in the near future, marking today’s decision as a hawkish hike that would lift the Australian dollar, which fell over 5% in April.
Although the Aussie jumped around one full-figure in reaction to RBA’s decision, bulls lost traction ahead of initial resistance at 0.7178 (falling 10DMA / Fibo 23.6% of 0.7661/0.7029), where the recovery attempts were repeatedly rejected last week.
Break and close above this level is needed to generate initial reversal signal and open way for stronger recovery towards next targets at 0.7243/53 (daily Tenkan-sen / cloud base).
Daily studies show 14-d momentum turning north, deeply in the negative territory and RSI emerging from oversold zone, but near-term structure is expected to remain weak while the action is limited under 0.7178 pivot.

Res: 0.7147; 0.7178; 0.7228; 0.7243
Sup: 0.7045; 0.7029; 0.7000; 0.6967