The Australian dollar pushed higher on Tuesday and was 0.65% stronger during the London session, with the AUDUSD pair hovering around 0.7440.
Earlier in the day, the Australian central bank left monetary policy unchanged and the main rate was kept at 1.50%. The RBA appears happy with the current levels for the Australian dollar and therefore there should not be any changes to monetary policy in 2018.
More volatility on the AUDUSD pair could come overnight as the RBA Governor Philip Lowe is due to deliver a speech titled “Demographic Change and Recent Monetary Policy” at the Anika Foundation Luncheon in Sydney.
Trading on this pair has been very choppy in the previous weeks and the AUDUSD pair has been stuck in a 2 figures range. The resistance of this zone is at 0.7480 and if broken, further rise toward the 100 day moving average at 0.7520 could occur.
On the downside, the bids should be located around 0.7370 and if not held, bears might push the Aussie toward the current cycle lows near 0.7330.
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