AUD/USD (current price: 0.7590)
The Aussie has been in the center of attention in early trading, as investors were waiting for the RBA to cut its benchmark interest rate to 1.5%, a new record low. The central bank decided to cut the rate as expected, but the currency still rallied as the RBA didn’t follow up with another dovish statement. The pair is now back under 0.76 this morning, after drifting below the key level following the correction in global stock markets during the Wall Street session yesterday.
Our assessment: The cross is still stuck below the 0.7650 resistance, and it remains in a broad trading range, with strong support levels below the current rate at 0.75 and 0.7410 possibly being in the focus of traders currently as well.
