The Australian dollar turned south after the RBA signaled an extension of its QE program.
The pair’s rapid rise above the daily resistance (0.7400) has pushed sellers to the exit. However, the RSI’s repeated tops in the overbought zone have taken a toll on the momentum. A steady pullback is necessary to let the bulls consolidate their gains.
The former supply zone around 0.7360 has turned into support. An oversold RSI may attract buying interest. 0.7500 would be the next target in case of a rebound.
