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Forex: AUD/USD remains capped by 1.0250

The Australian dollar holds onto gains versus the greenback although despite the global stocks' rally, AUD/USD remains capped by the 1.0250 resistance area.

AUD/USD advanced during the Asian session propelled by the RBA decision to stay on hold, and after being rejected by the 1.0250 area, the pair entered in a consolidation phase just below the mentioned level and contained by the 20-hour SMA.

At time of writing, AUD/USD is trading around 1.0230/35, still up 0.4% on the day. From a technical view, Valeria Bednarik, chief analyst at FXstreet.com recently commented that a descendant trend line coming from 1.0573, late January daily high, stands today around 1.0270 and has capped the upside several times. "A break above it will likely trigger more gains in the pair, up to 1.0330 price zone".

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