AUD/USD steady in early trade, not reacting to Chinese rate cuts

The market has been expecting some stimulative measures from the PBOC and perhaps that’s the reason for the lack of reaction from the AUD market.

The Chinese central bank cut the benchmark lending rate by 25 bps to 5.35% and the benchmark saving rate, also by 25 bps, to 2.5%.

AUD/USD is having difficulty establishing itself back above .7830 and AUD/JPY technical resistance will get heavier near the 100-sma at 94.60.