Besides the move in the Australian dollar, other major currencies are leaving a lot to be desired so far in European trading. As for the aussie rebound itself, it keeps within the range and technical levels highlighted here with the confluence of the 100 and 200-day moving averages at 0.6692-93 still a key resistance marker.
The RBA may not have raised the cash rate today but they continue to leave the door open for a move in August, and that is where markets are seeing a firmer move by the central bank. Coming into today's decision, the probability of no change was at around 63% with two more rate hikes priced by year-end.
