Technical Analysis: AUDUSD bulls attack monthly hurdle on hawkish RBA

The Reserve Bank of Australia’s (RBA) keeping of September tapering on the table, despite covid woes at home, offered over 40 pips of immediate upside to the AUD/USD pair on the announcement. However, the quote remained below a one-month-old horizontal hurdle surrounding 0.7400–7410 and seems to ease of late. Although firmer RSI and RBA’s hawkish tilt favor AUD/USD bulls to cross the 0.7410 hurdle, 200-SMA near 0.7455-60 adds to the upside barriers before directing the quote to the mid-July top near the 0.7500 round figure.

In a case where the quote steps back from the stated resistance, as it did the last Thursday, 0.7350 may return to the charts. However, any further weakness of the pair will be challenged by a two-week-old rising support line near 0.7330. If at all the AUD/USD bears dominate past 0.7330, the yearly bottom surrounding 0.7290 will be the key before direct the quote towards the October 2020 tops surrounding 0.7245.

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