AUD/USD surges to 7-day high after RBA status-quo

Following RBA decision to leave its monetary policy unchanged, the AUD/USD pair maintained its bid tone and extended its upward trajectory for fifth straight session. 

Currently trading at a seven-day high near 0.7650 region, the pair's initial leg of up-move was supported by lower-than-expected current account deficit. The up-move got an additional boost after RBA stood pat and left its key benchmark interest rates unchanged at a record low of 1.5%. 

Last week the pair rebounded from 100-day SMA support and was seen building on to its recovery momentum above 50-day SMA on Monday, albeit was struggling to move past 0.7610-15 immediate strong resistance. Now that it has decisively cleared the immediate hurdle, a follow-up momentum could help the pair to extend its upward trajectory further in the near-term.

Later during NY trading session, US ISM non-manufacturing PMI would be in focus that would assist short-term traders to grab immediate momentum play. 

Technical levels to watch

Strong bullish momentum above 0.7650 level should assist the pair further towards 0.7690 important resistance above which it seems all set to aim back towards August monthly high resistance near 0.7750-55 region.

On the flip side, previous resistance near 0.7615-10 area now seems to act as immediate support, which if broken could drag the pair back towards 50-day SMA strong support near 0.7570 region. Only a decisive break back below 50-day SMA would negate expectations of any further up-move and turn the pair vulnerable to slide further in the near-term.