The AUD caught a fresh bid-wave following the release of better-than expected Chinese PMI report published by Caixin, taking the AUD/USD pair back to 20-DMA resistance.
AUD/USD stuck in tight range ahead of RBA
Currently, the AUD/USD pair now trades almost unchanged at 0.7612, bouncing-off a brief dip below 0.76 handle. The Aussie keeps its range-play intact ahead of the RBA policy decision, although moved-off lows and climbed back towards daily tops, after better-than expected Chinese official and Caixin manufacturing PMI reports eased Chinese economic concerns and lifted the overall market sentiment.
All eyes now remain on the upcoming RBA’s interest rate decision, with the central bank widely expected to remain on-hold today, while the main focus will remain on the policy statement for gauging future course of policy action.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7650 (psychological levels) above which gains could be extended to the next hurdle located 0.7709 (Oct 26 high) and 0.7739 (3-week highs). On the flip side, the immediate support located 0.7584 (daily S1). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round figure) and below that at 0.7532 (200-DMA).