0.7440 proving to be a tough line in the sand
The Australian dollar is up 17 pips on the day at 0.7438 after falling as low as 0.7383.
The Aussie is caught in a tough spot as a proxy for global trade and because of domestic worries. The RBA didn't offer much this week but the MPS on Friday could add more intrigue.
Since June, the chart has been stuck in the mud in a sideways trend, but on the hourly chart we can see the importance of 0.7440. It's been tested three times in the past two weeks but is proving to be a tough nut to crack.
Another thing that could get it moving in the next few hours is the RBNZ decision. There is lots of talk about a dovish shift and if that doesn't come it could help to lift both the kiwi and Australian dollar.
