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​Technical Analysis: AUDUSD extend bounce off monthly support on market optimism, RBA's status quo

In addition to the covid vaccine hopes and expectations of US stimulus but the RBA's cautious optimism concerning the inflation and employment data at home also favor the AUDUSD bulls on Tuesday. Even if the Aussie central bank matched wide forecasts of announcing no change in the current monetary policy, policymakers' upbeat view concerning the recovery in price pressure and jobs report favored the Australian dollar. As a result, the quote managed to regain an ascending trend line from November 04. Bulls currently eye the multi-month top, flashed the previous day, around 0.7412 with the 0.7400 acting as immediate resistance. However, the pair's ability to cross 0.7412 enables it to challenge July 2018 high near 0.7445.

Other than the stated support line, at 0.7355 now, an ascending trend line from November 13, presently near 0.7300, also adds a filter to the AUD/USD pair's downside. Additionally, 0.7220 and 200-SMA level of 0.7208, followed by the 0.7200 round-figure, are extra technical levels that offer a bumpy road to the sellers even if they manage to take entries. Though, any further weakness below 0.7200 might not refrain from dragging the quote to November's low near 0.6990.

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