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Aussie jumps as RBA sticks to tapering plan

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AUD/USD jumps up from 0.7365 to 0.7408 after the decision

AUD/USD H1 03-08

A solid push higher in the pair as the RBA announces no change to its QE/tapering plans for the time being, brushing aside the recent virus outbreak by saying that if it gets contained then the economy would be able to bounce back quickly.

The keyword there being if of course. So, we’ll see how things go in the weeks ahead.

For now, the aussie is seeing more of a relief jolt considering that the RBA did not take a more outright dovish step. But I don’t see much reason for gains to build unless the virus situation does improve in Australia over the coming weeks.

AUD/USD is up 0.6% to just above 0.7400 now but price is nearing some minor resistance from last week’s highs @ 0.7410-13. That will be a key near-term spot to watch before the 23.6 retracement level of the swing move lower since May @ 0.7431.

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