AUD/USD capped below weekly tops on RBA’s status-quo

The AUD/USD pair failed once again at weekly highs after the RBA left the cash rate unchanged at a record low of 1.5% today.

AUD/USD holds above 0.76 handle

Currently, the AUD/USD pair now trades +0.50% higher at 0.7620, having quickly reversed a spike to weekly highs previously posted at 0.7636. The AUD bulls remained unimpressed by a non-event RBA monetary policy announcement, with the central bank announcing no change in its official cash rate (OCR).

However, the downside remains cushioned as the RBA came out with no explicit dovish bias and maintained that a rising a$ could complicate economic rebalancing. While better-than expected Australian macro data released earlier on the day, also keep the AUD underpinned. Australia’s Q2 Current account came in at -$15.5bn versus -20bn expected.

Meanwhile, markets will continue to digest the RBA policy decision, as focus now shifts towards the US LMCI and ISM services data due later in the NA session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7663 (daily R3) above which gains could be extended to the next hurdle located at 0.7700 (round figure). On the flip side, the immediate support located at 0.7587/85 (50-DMA/Aug 22 low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round number).