AUD/USD
Technical Charting Summary: AUD/USD seeks fresh clues to cross 0.7400 hurdle. AUD/USD struggles to extend the heaviest daily gains in a month, led by the RBA’s hawkish tilt, beyond the 0.7400 round-figure. That said, the Aussie pair seesaws around 0.7390 as Asian traders brace for Wednesday’s work.
The Reserve Bank of Australia (RBA) offered a positive surprise to the markets by keeping the September tapering on the table despite the covid woes at home. The same fuelled AUD/USD prices by nearly 40 pips immediately on the announcement even as the Australian central bank did reiterate the rate- hike rejection until 2024, not to forget mentioning of holding the benchmark rate and three-year yield target unchanged per market consensus.
The AUD/USD pair’s struggle to overcome the 0.7400 hurdle will seek clues from Australia’s Retail Sales data for June, likely confirming -1.8% initial forecast, as well as China’s Caixin Services PMI, prior 50.3. The pair also currently sits below the 50% fib retracement from the 75 cent high, to the 72.894
cent low, a close and break above, could bring a more bullish sentiment to the pair.