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AUD/USD nears intraday high above 0.6100 after RBA

  • AUD/USD remains positive after RBA matched wide market expectations of no change in the monetary policy.
  • Trade sentiment remains positive amid clues of further stimulus.
  • Aussie data flashed downbeat figures during early Asia, the market price in further rate cuts.
  • Virus updates, measures to combat the pandemic could offer fresh impetus.

With the RBA matching the most market consensus of a no change in the current monetary policy, AUD/USD stays mildly positive to the intraday high near 0.6130 amid the early Tuesday.

Read: RBA keeps Official Cash Rate steady at 0.25%, AUD/USD little changed

Following signals of additional stimulus from the US President Donald Trump and House Speak Nancy Pelosi, policymakers from Japan and New Zealand also hinted further aid to fight against the deadly virus.

US President Trump urged China for help while also criticized Indian PM Modi for restricting a medicine’s exports.

The market’s risk-tone recovered on Monday as figures from Spain, Italy and the UK receded further from their recent tops.

That said, the US 10-year Treasury yields remain positive near 0.69% whereas Australia’s ASX 200 drops further below 5,250 as the central bank dashed hopes of additional stimulus. Even so, most markets in Asia-Pacific mark gains by the press time.

Earlier during the day, Aussie trade balance and ANZ Job Advertisements and AiG Performance of Services Index flashed downbeat figures.

Looking forward, investors will pay attention to the global developments surrounding the pandemic for fresh impulse whereas the US JOLTS Job Openings could offer additional data for direction.

Technical analysis

With the sustained trading beyond a month-old falling trend line, currently near 0.6100, buyers can target March-end top close to 0.6215 during the further upside. Meanwhile, 21-day SMA near 0.6070 can question the pair’s declines below the resistance-turned-immediate support line.

 

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