The Australian dollar consolidated its gains after the RBA played down the rate-hike pressure.
The rally above 0.7250 has prompted short-term traders to take some chips off the table. However, the bulls will need to clear the main hurdle at 0.7310 before they could extend upward. The RSI’s double top in this congestion area may momentarily restrain their optimism.
In case of a pullback, 0.7190 is a key support to keep the rebound relevant. Failing that, the pair could tumble towards the daily support at 0.7120.
