AUD/USD is trading sideways as the market reacts sparingly to the RBA interest rate decision. Australia’s central bank has left interest rates unchanged at 0.10%. The figure coincides with analysts’ expectations. The decision has come at a time when the country’s property market is experiencing a boom.
According to numbers released last week, house values in the nation rose by 2.8% in March. This is its highest surge since 1988. Philip Lowe, RBA’s governor, has indicated that the central bank is closely monitoring the trend.
Later in the day, AUD/USD will be reacting to the US JOLTs job openings. Analysts expect a reading of 6.995 million, higher than January’s 6.917 million job vacancies.
AUD/USD Technical Outlook
On a four-hour chart, AUD/USD is trading slightly above the 20 and 50-day exponential moving averages. Besides, it has formed an inverted head-and-shoulder pattern that spans from late-March. If you are familiar with our free beginner articles, you may be aware that the pattern is a bullish formation. As at 05:13 GMT, the pair is trading at 0.7645, down by 0.08%.
AUD/USD is finding resistance along the neckline at around 0.7650. In today’s session, it is likely to trade sideways ahead of the US job openings data later today. Depending on the outcome, the bulls will be targeting the upper level of 0.7700. On the flip side, the support levels will be at 0.7600 and 0.7535.