On Monday, on the Investing…
AUD/USD clings to revenues
On Tuesday, the currency pair AUD/USD pair actually kept to its bid tone for the second trading session. Nevertheless, it was still below the crucial 200-day SMA post-RBA verdict.
Currently keeping to 0.7440-50 region, the currency pair demonstrated rather a muted reaction to RBA announcement to hold its major benchmark interest rates intact at a historical minimum of 1.5%.
Meanwhile, April’s dismal publication of China Caixin PMI, coming-in at 50.3 compared to March’s 51.2, didn’t manage to ensure any extra boost to the China-proxy Australian Dollar.
Aside from that, poor commodity prices, especially copper, contributed to putting a lid on the pair's further up-move.
A follow through momentum boasts the definite potential to push the currency pair towards 50-day SMA barrier close to 0.7590 region. Well, above the region a new bout of short-covering might pave way for the expected continuation of the pair's revival towards 0.7635-40 resistance.
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