The Australian dollar stays muted after a dovish RBA kept the official interest rate unchanged overnight.
Despite a rebound above the resistance at 0.7750 the pair is struggling to gain momentum. The supply zone around 0.7800 is a major hurdle that has foiled the Aussie’s previous attempts.
The RSI has retreated into the neutral area and may allow buyers greater leeway in making another push.
On the downside, the support (0.7680) on the daily chart is critical in keeping the price afloat in the short term.
