AUD/USD reaches 1-month highs

The Australian dollar strengthened on Tuesday and broke decisively above the 100-day SMA and the 0.74 mark against the greenback following RBA decision to stay on hold at its June policy.

The Reserve Bank of Australia kept the interest rate unchanged at 1.75% at today’s meeting, boosting the Aussie to fresh monthly highs.

AUD/USD has continued inching higher over the last hours, supported by improved market sentiment, and recently peaked at 0.7353, last seen May 6. At time of writing, the pair was trading at 0.7446, recording a 1.15% gain on Tuesday.

AUD/USD levels to watch

In terms of technical levels, next resistances could be found at 0.7473/77 (50-day SMA/May 6 high) and then 0.7516 (May 4 high). On the other hand, supports are seen at 0.7315 (Jun 6 low), 0.7255 (200-day SMA) and 0.7200 (Jun 2 low/psychological level).