The focus of the Asian session on Tuesday was an Australian central bank monetary policy meeting specifically for Australian dollar currency traders.
The Reserve Bank of Australia (RBA) maintained interest rates at a low of 0.10% for the last meeting this year after rates were lowered at the previous meeting.
The RBA states that the rate will be maintained for at least another 3 years while the quantitative easing program will be maintained at A $ 100 billion in November.
Following the outcome of the meeting, the Australian dollar showed no significant reaction but continued to rise since the start of the Asian session starting at a slow pace.
On the AUD / USD currency pair chart, the price has shown a reversal in the Asian session after the price plunged around 70 pips from the resistance zone 0.74000 yesterday.
The decline in prices is seen to be more influenced by the profit-taking factor for the continued weak US dollar trading.
Prices that fall below the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement give an early indication of a bearish trend change.
The price decline has again tested the RBS zone (resistance become support) 0.73400 before the rise in the Asian session this morning.
The price rises to the resistance level of MA50 and if the price manages to pass that level, resistance 0.74000 will be tested again.
A higher rise above the resistance zone will record the latest high on the AUD / USD chart since July 2018.
However, if the price continues to fall below the RBS zone of 0.73400, the next decline will test the support level at 0.73000.
