The RBA held cash rate at the record low of 1.50% at today's meeting. Even though this decision has been broadly anticipated, the pair added about 15 pips pre-release and around 50 pips post-release. A few were expecting a cut but the rally is partly due to lack of dovishness from them.

Technically, the pair bounced from 100 and 50 DMA last week and also successfully tested the trendline, drawn off of 2013 and 2014 highs, from above. 0.75 - 0.77 range is still in play and a test of the upper extreme appears to be in the making.

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