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AUD/USD bulls target 0.72 ahead of NY cut

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7166 with a high of 0.7169 and a low of 0.7149.

AUD/USD bears are not giving in and have the bulls retreating slightly at the gates of key technical upside levels post the RBA's provoked rally.

The RBA left policy on hold at 2% for the 5th consecutive time this year and prefer to wait and see how the economy fares to the possibility of a continuation of improvements in the jobs sector, and despite the headwinds that could be coming from overseas, notably China. the price rallied on the knee jerk and on the RBA's optimism and continued post the subsequent fade scoring further highs at 0.7175, but falling shy of the bearish MA's cross at 0.7190.

The bearish cross at 0.7190 where the 20 fell below the 50 SMA on the hourly is a pinnacle level for the bulls to break exposing the 0.72 handle and will leave the major commodity currency in a bullish light, confirming the recent attempts as not being a fluke.

Six yards AUD/USD NY cut implications

In fact, there are six billion sighted to be done at 0.72 on option expiry at the NY cut, which suggests that the price could be tested up through the strike on the client's right to sell, or buy, as banks seek to hedge and order flows emerge on that pretense. One might expect that 0.72 was seen as a nice strike on vanilla puts when we were testing 0.7000 and those 6 yards may be weighted more by in the money puts than calls.

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