The Australian Dollar finally seems to be getting some respite after AUD/USD initially sank to its lowest level in 12 months on Friday.
Recovery for the currency pair began at the beginning of this week as China decided to cut its RRR in an effort to help stimulate the slowing economy. However, the real rally began after yesterday’s RBA meeting. Although they maintained their current dovish stance on monetary policy, an improved economic outlook from the central bank opened the possibility to earlier rate hike.
Having now bounced off support and recovered from extreme oversold readings on the RSI, how much further can AUD/USD climb?
For a deeper insight into the pair, check out this article by one of our senior analysts:
https://www.forex.com/en/market-analysis/latest-research/rba-shift-boosts-audusd/