Forex: AUD/USD keeps the positive around 1.0455/60

FXstreet.com (Barcelona) - The Aussie dollar is extending its upbeat mood hovering over 1.0455/60 on Tuesday, correcting lower after reaching intraday highs in the boundaries of 1.0480 overnight.

Recall that the RBA left unchanged its lending benchmark at 3.0%, broadly in line with market consensus. In the view of S.Papadopoulos, Senior Economist at NAB, “They remain confident that the substantial easing of policy over the past 18 months is having an expansionary effect on the economy, with further positive effects still to come… With the peak in resource investment ‘drawing close’, the RBA acknowledges that the near-term outlook for non-mining investment is subdued, credit growth is still weak and the AUD remains high… We maintain our view that the RBA will need to cut again and see the most likely timing as June”.

At the moment, the cross is up 0.31% at 1.0454 facing the next hurdle at 1.0497 (high Mar.27) followed by 1.0555 (high Jan.24) and then 1.0560 (hourly high/lows Jan.23).
On the downside, a break below 1.0426 (MA10d) would bring 1.0410 (Daily Cloud Top) and finally 1.0386 (low Apr.1).