FXStreet notes that the AUD is the main laggard on Tuesday in the aftermath of the Reserve Bank of Australia’s (RBA) surprise decision to extend its QE program. Economists at TD Securities suggest that a sustained move below 0.7590 could be another sign that the market is at the start of a bigger move.

“We are on the lookout for a sustained move below 0.7590. This level corresponds closely with last week's low (0.7592) and trendline support reaching back to the March 2020 trough; the 55-DMA currently stands a few ticks lower (0.7578). A sustained move lower could help confirm a larger move in the dollar could be underway. The medium-term outlook for AUD may remain positive, but we think a more cautious stance is wise for now.”

“Policymakers surprised investors again overnight, announcing a AUD100 B QE extension. This has the RBA now continuing QE beyond mid-April, when the program was initially set to expire.”