AUD/USD little changed after RBA maintained status quo

• RBA kept interest rates unchanged as expected, offers little surprises. 
• AUD/USD keeps the 30-pip range after the RBA decision. 

The Reserve Bank of Australia (RBA) kept rates unchanged as expected.

The central bank said the inflation is likely to pick up gradually as the economy strengthens and the central forecast is for CPI inflation to be a bit above 2 percent in 2018. Further, the bank stressed that the AUD has remained largely unchanged on a trade-weighted basis, but warned that an appreciating exchange rate could have an undesirable impact on growth and inflation. 

Overall, the RBA has offered little or no hawkish/dovish surprise, thus leaving the AUD at the mercy of the broader market sentiment. Since the last couple of hours, the AUD/USD has been restricted to a 30-pip range of 0.7880-0.7850. As of writing, the spot is trading at 0.7865 levels.

The spot could break lower if the risk aversion worsens in the European hours. 

AUD/USD Technical Levels

A break below 0.7818 (50% Fib R of Dec-Jan rally) would expose 0.7803 (50-day MA) and 0.7776 (100-day MA). On the other hand, a move above 0.7893 (38.2% Fib R of Dec-Jan rally) might weaken the bears and open doors for a corrective rally to 0.7952 (5-day MA) and 0.80 (psychological level).