AUD/USD: Upside attempts remain capped below 0.7300 on RBA’s monetary policy statement

• AUD/USD shrugs-off RBA’s ‘done on rates for now’ statement.
• Negative S&P 500 futures pressure the aussie amid US election jitters.
• Focus shifts to NFP amid incoming election updates.

AUD/USD has bounced-off a dip to session lows of 0.7255, although the sellers continue to lurk near 0.7290 levels despite the RBA explicitly calling out no further reduction in interest rates in its quarterly Monetary Policy Statement.

The RBA, however, said that the board remains prepared to expand the bond-buying programme if the need arises. The Australian central bank’s take on QE correlates to that said by the Fed in the US last session, as the US central bank pushed for additional fiscal and monetary stimulus to boost the economic recovery.

On the USD-side of the story, increasing odds of a contested election, amid Democrat Joe Biden almost close to clinching the presidency and the Trump campaign filing legal battles on all the states that Biden leads, is not boding well for the US currency alongside the risk appetite so far in Asia this Friday.

With the election outcome still awaited, all eyes now shift towards the US NFP data for fresh dollar trades. However, the election risks will continue to play out and could likely remain the main driver of the broad market sentiment.

AUD/USD technical levels