AUDUSD trades sharply higher today, making fresh three week highs after the Reserve Bank Of Australia kept the interest rates unchanged at 0.25% as widely expected by markets. Fitch credit agency downgraded ratings of Australia’s big banks, CBA, Westpac, ANZ, and NAB on coronavirus risks. The agency expects the Aussie economy to contract over 2% in 2020.
On the technical side, the first resistance for the pair will be met at 0.6193 today’s high. More sellers would emerge at 0.6277 the high from March 16. The 50-days moving average is the next crucial resistance level at 0.6410.
On the flip side, immediate support for AUDUSD stands at 0.6074, the daily low. If the price slips below the next support will be met at 0.5982. More bids might emerge at 0.5869, the low from March 26.