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AUD Demand Emerges After RBA Leaves Policy Settings Unchanged

AUSSIE

AUD popped higher as the RBA left the cash rate and 3-Year yield target unchanged, in line with expectations, and noted that "the unemployment rate is likely to peak at a lower rate than earlier expected".

  • AUD/USD was capped by its 50-DMA and having topped out at $0.7209 it ebbed off highs. The rate last trades +15 pips at $0.7196. A clean break above the 50-DMA ($0.7209) would open up Sep 22 high of $0.7235. Bears eye Sep 30 low of $0.7100 for initial support.
  • AUD/NZD is back from post-RBA highs and trades +14 pips at NZ$1.0819. Next resistance coming up at Sep 30/22 highs of NZ$1.0850/51, followed by the 50-DMA at NZ$1.0863. Bears keep an eye on the 100-DMA/Oct 2 low at NZ$1.0776/71.
  • AUD/JPY posted a leg higher before fading the move and last sits at Y76.01, 7 pips better off. The 50-DMA at Y76.25 provides the initial bullish target, while bears look for losses past the 100-DMA at Y75.15.
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