Technical Analysis: AUDUSD rises further inside ascending trend channel post-RBA
AUDUSD stretches the recovery gains beyond the monthly resistance line, now the immediate support, after the RBA matched wide market expectations of no rate change. The Australian central bank also announced upbeat remarks concerning the latest recovery in COVID-19 numbers while expecting a strong recovery after the coronavirus crisis. As a result, the Aussie pair currently rises towards 61.8% Fibonacci retracement of its previous-month declines, near 0.6235. However, the resistance line of an eight-day-old rising channel, at 0.6300, could challenge the bulls afterward.
If at all the bulls fail to stay strong for longer and the quote slips below 0.6070 nearby support, the said channel's lower line around 0.6000 will be the key to watch. The reason is that the pair's declines below 0.6000 will renew selling pressure towards the late-March low surrounding 0.5870.