The Australian dollar surged after the RBA announced it would trim its QE by $1 billion.
The initial rally above 0.7525 has put the bears under pressure. A bullish MA cross suggests strong buying interest in reversing the correction.
Price action has retracted from the major supply area around 0.7600. The RSI’s double-dip into the overbought zone may have hindered its advance.
A bullish breakout would trigger an extended rally to 0.7700. 0.7460 is a critical floor as the Aussie seeks to support.
