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Aussie lost about 150 pips after the RBA cut cash rate to record low of 1.75% from 2.00%. Close to 50% pullback was met with new selling and the pair is back near post-release lows.
50 DMA is the first prominent support level but the real test will come in 0.7450 - 0.75 band which includes late March and early April lows, 0.75 big figure level and 38.2% retracement of the January - April uptrend. 0.7630 - 0.7650 has proved to be a near term cap.
50 DMA is the first prominent support level but the real test will come in 0.7450 - 0.75 band which includes late March and early April lows, 0.75 big figure level and 38.2% retracement of the January - April uptrend. 0.7630 - 0.7650 has proved to be a near term cap.
