The RBA left interest rates unchanged and reiterated that both headline and underlying inflation remain above target.
Policymakers also highlighted elevated uncertainty surrounding the economic outlook, particularly the impact that ongoing Middle East tensions could have on global energy prices
While the statement retained a cautious tone, some of the more hawkish language was softened. From a technical perspective, however, the AUDUSD remains trapped within a well-defined cluster of key levels. The pair is currently trading near 0.7074.
On the topside, the 100-day moving average at 0.70834 continues to cap gains and remains the key hurdle that must be broken to increase the bullish bias. On the downside, the 100-hour moving average comes in at 0.70417. Today’s low reached 0.7043, just above that support level, allowing buyers to maintain a foothold.