AUD/USD analysis: Aussie eases from highs, but retains positive bias

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7911

RBA Meeting's Minutes expected to bring nothing new to the table.
AUD/USD to remain bullish as long as above 0.7890.

The Aussie gained against its American rival at the beginning of the day, but the pair closed the day little changed around 0.7910, after reaching a daily high of 0.7934. The dollar got some market's favor by the end of European trading hours, but slipped afterward, with no major breakout in the middle. Australia will see the release of the latest RBA Meeting's Minutes during the upcoming Asian session, although no surprises are expected there, as most of its content was already advanced in Lowe's speech right after the meeting. Technically, the pair bounced again on an approach to the 0.7890 level, a major Fibonacci support, as the level stands for the 38.2% retracement of the December/January rally, keeping the downside limited as long as the pair remains above it. The lack of volatility has left the intraday picture neutral, as the pair is below a bullish 20 SMA, while technical indicators hover around their mid-lines with limited directional strength.

Support levels: 0.7890 0.7850 0.7810

Resistance levels: 0.7930 0.7965 0.8000

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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