The RBA announced that it will be holding its official cash rate (OCR) at 2.00%. The market is still mostly expecting another rate cut by the end of the year given the current economic situation. RBA president Glenn Stevens acknowledged global uncertainties stemming from Greece and China, and that the AUD is still historically high. However, it wanted to wait and see as it does not really think another rate cut would help at this point.The jury is still out, but I personally think the RBA wants to avoid a rate cut. It has mentioned that it does not think further rate cuts will really help, but may prevent further slowdown. The market did not decide on a direction for the AUD after the RBA statement as we can see price remain in ranging consolidation movement afterwards.AUD/USD 1H Chart 7/7(click to enlarge)As we can see, price was ranging ahead of the RBA statement. The reaction provided volatility but without committed direction as price still oscillates around 1.12. Now, we should wait for a breakout of the range established by this reaction between 1.1158 and 1.1251. A break above would revive a prevailing uptrend in the short to medium-term, and put the high on the year at 1.1428 in sight. However ,a break below 1.1158 should put the 1.11 and then the 1.10 psychological levels in sight. We should probably limit any bearish outlook to 1.09, a previous resistance pivot and where teh 50-day SMA resides. AUD/NZD Daily Chart 7/7(click to enlarge)The daily chart shows a bearish divergence between price and the RSI and a strong bearish candle coming down from 1.14. We should expect some bearish correction towards the 1.10 handle if not the 1.09 pivot.