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Forex: AUD/USD higher as RBA on hold

FXstreet.com (Barcelona) - The AUD/USD is last at 1.0476,near session and weekly highs after RBA maintains interest rates on hold at 3% and says in the statement there is scope to ease further if needed. The pair jumped to session highs above 1.0470 on the news, but soon eased back to where previously was trading, and then moved higher again.

AUD/USD is +0.5% higher for the week so far, recovering from an initial weekly low at 1.0385 early in the Asia-Pacific morning yesterday, following lower than expected China manufacturing PMI. “Although an easing bias is maintained,” says ForexLive editor Eamonn Sheridan, “the statement is not quite so dovish (changes are marginal),” Eamonn notes, adding: “Should be marginally more AUD supportive.”

Immediate resistance to the upside for AUD/USD shows at recent session/weekly highs as January 29 highs 1.0476, followed by Nov 27 highs at 1.0491, and March 26 highs at 1.0497. To the downside, closest support lies at March 28 highs 1.0457, followed by March 25 lows/yesterday's highs at 1.0430, and March 27/session lows at 1.0416.

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