AUD/USD at fresh daily highs as quarterly RBA statement offers no surprise

AUD/USD trades at fresh daily high of 0.7648 after quarterly RBA statement offered no forward guidance and merely reiterated policy easing to support growth.

Minor dip to 0.7620

Currency quickly recovered from a minor drop to 0.7620 as the RBA statement on the policy was largely unchanged from Tuesday’s monetary policy statement. The bank reiterated that growth should be higher given the inflation is low and added further that AUD remains a significant source of uncertainty for inflation and growth forecasts.

The comments offer no surprise to the markets, thus, Aussie rose to fresh daily highs after following a minor wobble. The bid tone may remain intact through European session on BOE-led risk-no in the markets.  Later in the day, US non-farm payrolls release could influence the pair.

AUD/USD Technical Levels

Violation of resistance at 0.7672 (76.4% of 0.7835-0.7145) could trigger fresh short unwind and open doors for 0.7723 (Mar 31 high), which could be taken out at one go following which 0.7835 (Apr high) could be put to test. On the other hand, breach of 0.7597 (23.6% of 0.6827-0.7835 + 5-DMA) could yield a move to 0.7571 (61.8% of 0.7835-0.7145), under which the pair could target 0.75 handle.