FXWIREPRO: AUD/USD Fades RBA Induced Spike, Slips Below 0.76 Handle

FXWIREPRO: AUD/USD Fades RBA Induced Spike, Slips Below 0.76 Handle

• AUD/USD saw a 40-pips knee-jerk spike on RBA’s status-quo, hitting session highs at 0.7630. 
• But bears quickly drag the pair lower. The major below 0.76 handle again, currently trading at 0.7589. 
• Downside intact, technical outlook for the pair remains majorly bearish.

RBA highlights as follows:

Official interest rate unchanged at 2% (meets expectation).

Board judged that there were reasonable prospects for continued growth in the economy.

With inflation close to target the current setting of monetary policy remained appropriate.

Regarding the Aussie, the RBA said that "the Australian dollar has appreciated somewhat recently, in part, this reflects some increase in commodity prices.

An appreciating exchange rate could complicate the adjustment under way in the economy. 

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