18 Aug 2015
AUD/USD testing lows near 0.7360, RBA minutes ignored
FXStreet (Mumbai) - The impact of RBA minutes on the AUD/USD pair was short-lived, as the Australian dollar faded a spike towards 0.74 handle and reverted to familiar range near 0.7360 levels in the early European moves.
AUD/USD extends losses towards 0.7350
Currently, the AUD/USD pair trades -0.12% lower at 0.7363, having posted a high at 0.7386 and a low at 0.7357. The AUD/USD pair extends its range trade for the fourth day in a row as the Aussie awaits fresh cues for key breakouts, unfortunately which the RBA minutes failed to offer.
RBA minutes offered no new surprises, maintaining its upbeat tone on the AUD level while noting that the US dollar could appreciate higher against the Aussie when the Federal Reserve (Fed) increases rates.
Analysts at Rabobank explained, "The RBA’s August minutes showed it is still only a grudgingly participant in FX combat and is waiting for data to turn south and/or the Fed to hike to give it the courage to pull the rates trigger again."
Looking ahead, the pair will track US dollar moves ahead of a set of US economic data due for release later in the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7399 (Aug 14 High) levels, above which gains could be extended to 0.7413 (Aug 13 High). On the flip side, support is seen at 0.7321 (Aug 13 Low) levels from here it to 0.7300.
AUD/USD extends losses towards 0.7350
Currently, the AUD/USD pair trades -0.12% lower at 0.7363, having posted a high at 0.7386 and a low at 0.7357. The AUD/USD pair extends its range trade for the fourth day in a row as the Aussie awaits fresh cues for key breakouts, unfortunately which the RBA minutes failed to offer.
RBA minutes offered no new surprises, maintaining its upbeat tone on the AUD level while noting that the US dollar could appreciate higher against the Aussie when the Federal Reserve (Fed) increases rates.
Analysts at Rabobank explained, "The RBA’s August minutes showed it is still only a grudgingly participant in FX combat and is waiting for data to turn south and/or the Fed to hike to give it the courage to pull the rates trigger again."
Looking ahead, the pair will track US dollar moves ahead of a set of US economic data due for release later in the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7399 (Aug 14 High) levels, above which gains could be extended to 0.7413 (Aug 13 High). On the flip side, support is seen at 0.7321 (Aug 13 Low) levels from here it to 0.7300.