AUD/USD spikes to 0.7650 on RBA’s status-quo

The ongoing bullish momentum behind the AUD found extra legs after the RBA kept the cash rate unchanged at 1.5% at its policy meeting held today.

AUD/USD eyes 0.7700

Currently, the AUD/USD pair jumps +0.40% to fresh session highs of 0.7646, extending the upside towards 0.77 handle. The Aussie leaps after the bulls cheered RBA’s status-quo, while the central bank retained its neutral policy stance.

Moreover, RBA’s optimism on the inflation levels going forward further bolstered the bids surrounding the AUD/USD pair. While the latest set of upbeat Chinese manufacturing PMI reports is also seen as a catalyst behind the recovery in the major from a dip just below 0.76 handle.

With the RBA policy decision out of the way, focus now shifts towards the US fundamentals, viz., ISM manufacturing report, due later on the day ahead of Wednesday’s FOMC decision.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7674 (daily R3) above which gains could be extended to the next hurdle located 0.7709 (Oct 26 high) and 0.7739 (3-week highs). On the flip side, the immediate support located 0.7584 (daily S1). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round figure) and below that at 0.7532 (200-DMA).