RBA statement rally fizzles
The RBA statement rally yesterday found sellers near topside trend line resistance. Since then, the price action has been more cautiously to the downside. Granted, the pair has not seen the moves against the USD that currencies like the CHF, JPY or NZD have seen, but it is currently retesting the 100 bar MA on the 4-hour chart at the 0.7351. A move below that level (and staying below) would shift the technical bias a little more to the downside once again.