The Australian dollar eased off following the RBA’s commitment to keeping the policy loose for another three years.
The pair has so far failed to overcome the supply area at 0.7820 on the daily chart. The two-week-long consolidation suggests a lack of conviction from the long side.
A bearish close below the lower band of the current range would trigger a sell-off as buyers try to bail out. 0.7675 could be temporary support.On the upside, 0.7766 is the first hurdle to lift before a recovery could carry on.
