AUD/USD analysis: all eyes on RBA Minutes

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7680

The AUD/USD pair posted some modest gains this Monday, settling around 0.7680 after trading as high as 0.7689 at the beginning of the day. There were no major macroeconomic releases in Australia, but during the upcoming Asian session, the Reserve Bank of Australia will unveil the minutes of its latest meeting minutes. The RBA maintained rates unchanged at 1.5% but surprised with an optimistic economic outlook, attributing Q3 economic contraction to temporary factors. Investors will be looking for clues that confirm such optimism, and decide whether or not to push the pair above the critical 0.7700 level. The pair maintains a mid-term bullish stance, trading not far from this year high of 0.7731, and with buyers defending the 0.7600 mark. Technical readings in the 4 hours chart present a neutral stance, exacerbated by the lack of volume, with the price consolidating right below a horizontal 20 SMA, the RSI indicator flat around 52 and the Momentum indicator aiming higher right below its mid-line.

Support levels: 0.7630 0.7600 0.7565

Resistance levels: 0.7735 0.770 0.7810

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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