AUD/USD : the upside prevails
Jean-Christophe Rolland November 6, 2020 8:06 AM
The Reserve Bank of Austrialia said it is done on rates for now.
RBA's board said it "is not contemplating a further reduction in interest rates. The Board considers that there is little to be gained from short-term interest rates moving into negative territory and continues to view a negative policy rate as extraordinarily unlikely."
From a technical point of view, on a daily chart, AUD/USD is well oriented after having broken a declining trendline drawn since early September. Prices trade above their 50-day moving average while the RSI remains above its neutrality area at 50. As long as the 0.7100 support is not broken, readers may therefore consider further upside towards next resistances at 0.71415 and 0.7520 in extension.
Source : TradingView, Gain Capital
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