AUD/USD to face stubborn resistance at the 0.80 mark – Rabobank

According to economists at Rabobank, the AUD/USD pair can remain well supported going forward though a dovish message from the Reserve Bank of Australia (RBA) may cause a dip to the 0.77 level. 

Key quotes

“The next RBA policy meeting is scheduled for April 6 and we expect policymakers to maintain a dovish position. This could cause some pull backs towards 0.77, though we expect AUD/USD to remain relatively well supported close to current levels in the months ahead.” 

“The better tone of AUD/USD this morning has reduced the chances of a head and shoulders formation on the daily chart. Trendline support around 0.7629 is the potential neckline. The recent high close to 0.80 will likely act as strong resistance.”