AUD/USD: The Australian dollar advanced to a 3-week peak after the Reserve Bank of Australia cut its cash rate a quarter of a percentage point to a record low of 1.25 percent as widely expected, the first easing since mid-2016 as it tries to revive a stumbling economy. However, the upside remained limited as domestic data showed retail sales fell 0.1 percent in April from March, the first negative reading this year and below forecasts for a 0.2 percent gain. The Aussie trades 0.05 percent up at 0.6977, having hit a high of 0.6993 earlier, it’s highest since May 13.
Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6914 (May 15 Low), a break below targets 0.6881 (May 24 Low). On the upside, resistance is located at 0.7029 (May 2 High), a break above could take it near 0.7061 (May 1 High).
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