AUD/USD under pressure below 5-DMA, RBA minutes weigh
|The AUD/USD pair remains confined within a 10-pips narrow range, as market continue to assess the RBA minutes released earlier on the day, which offered a mixed outlook of the Australian economy.
The RBA minutes revealed that the central bank maintained that unchanged policy consistent with sustainable growth and inflation target, while keeping the same stance on the exchange rate level.
However, the minutes showed that the spare capacity is likely to persist in the labor market, which hinted towards a slack in the labour markets, weighing down on the AUD somewhat.
With minutes now out of the way, the major is likely to get influenced by the risk trends and USD dynamics ahead of the US PMI reports, while the Australian datasets due on the cards tomorrow will be eagerly awaited.
AUD/USD Levels to watch
At 0.7670, the pair finds the immediate resistance at 0.7694 (previous high) above which gains could be extended to the next hurdle located 0.7732 (multi-week high) and 0.7750 (psychological levels). On the flip side, the immediate support located at 0.7652 (20-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7600 (round figure) and below that 0.7537 (200-DMA).
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