AUD/USD: neutral RBA, neutral Aussie

AUD/USD Current price: 0.7599

The Aussie advanced overnight, up to 0.7623 against the greenback, hardly affected by the release of RBA Minutes. The monetary policy statement fell short of surprising markets, with policymakers still concerned over the developments in the employment and housing sectors that will be closely watched in the months ahead. Dollar's demand eased in Asian trading hours, but seems to have returned after London's opening, albeit a scarce macroeconomic calendar is keeping majors confined within familiar ranges. 

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The short term technical stance for the pair is neutral, given that in the 4 hours chart, the price hovers around a horizontal 20 SMA, whilst technical indicators turned south, but within neutral territory. An immediate short term support comes at 0.7560, and early June daily high and where the pair met buyers from most of the past week.  A downward acceleration through the level may see the pair extending its decline towards the 0.7490/0.7520 region, although the positive tone in equities most likely keep slides contained. The pair will turn bullish only with an extension beyond 0.7635, its recent multi-week high.

 Support levels: 0.7560 0.7520 0.7490

Resistance levels: 0.7635 0.7680 0.7710

View Live Chart for the AUD/USD

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