The AUDUSD moved higher after the RBA kept the door open for tightening. Inflation remains a concern (4.1% CPI). The RBA would like to see the inflation rate to move to between 2-3%, and would then like to be confident that the rate will stay near that level before cutting rates.
The move higher took the pairs price up to a key swing level at 0.6523 but found willing sellers against that level. The pairs 100 day MA at 0.65285 is also in that area and would need to be broken to give the buyers more confidence.
In this video, I outline and show the key levels and why they are SO important going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source