AUD/USD Analysis: bearish ahead of RBA Minutes
|AUD/USD Current Price: 0.6765
- RBA to release the Minutes of it August meeting early Asia.
- AUD/USD confined below 0.6800, risk skewed to the downside.
The AUD/USD pair spent the day trading uneventfully around Friday’s close, with the Aussie unable to capitalize the better market mood. Worldwide indexes closed in the green, with US ones led by tech-related shares, up after the US decided to extend Huawei’s temporary license for 90 days. Nor Australia, neither the US released relevant macroeconomic data, leaving the pair directionless within familiar levels. The Reserve Bank of Australia is scheduled to release the Minutes of its August meeting during the upcoming Asian session, with investors waiting for fresh clues about the future of the macroeconomic policy. Further rate cuts are expected in the country, although the market is looking for the next move to take place next year.
AUD/USD short-term technical outlook
The AUD/USD pair continues trading around a directionless 20 SMA, in the 4 hours chart, while below the larger moving averages, with the 100 SMA currently providing a dynamic resistance at around 0.6800. Technical indicators have extended their declines, now entering negative territory, although their bearish strength is quite limited given the limited intraday range. The downward momentum will likely increase on a break below 0.6740, the immediate support.
Support levels: 0.6740 0.6700 0.6675
Resistance levels: 0.6800 0.6845 0.6880
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.