AUD/USD Meets Resistance Around 0.7650 Again – Market Update

RBA Cuts Again

The RBA cut the official cash rate again to a record low of 1.5%. Read more … 

AUD/USD

After dropping back below 0.75 within minutes of the RBA cutting rates again on Tuesday, the Australian dollar has since rallied higher to within reach of a three month high above the current resistance level at 0.7650.  It has spent the most part of the last two months trading in a reasonably narrow range between 0.7350 and the resistance at 0.7650.

As I type this, it trading right around that level and is looking poised to break through and test higher levels.

ASX200


Image from MetaStock

The ASX200 enjoyed a steady July as it continue to steadily move higher moving through to near 12 month highs at 5610 earlier this week.  After the RBA decision earlier this week, it has eased back but found some small amount of support around 5450.  The longer term support remains around 5400 which is shown in the chart.  The sentiment indicator is reading quite high (its highest in 15 months) and obviously bullish.

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Stuart McPhee
Stuart McPhee
Australian private trader for nearly 20 years, author, trading coach, licensed adviser and regular speaker at major trading events all around the world. Graduate of RMC Duntroon and former Australian Army Officer.