AUD/USD awaits RBA minutes, consolidates downtrend

AUD/USD is currently trading at 0.6853, within a tight and early Asia range of between 0.6849/55 ahead of the RBA minutes today. Meanwhile, price action was rather dull overnight as well as we await direction from the Federal Open Market Committee (FOMC) which meeting starts today and concludes on Asian Thursday. 

"While no change to interest rates is expected, we expect an acknowledgement of the deterioration in the international environment and downside risks for growth,"

analysts at ANZ Bank explained. 

Meanwhile, the RBA Minutes are going to be a key event for the Asian session. "The Governor’s speech on the eve of his first policy easing, earlier this month, has diminished the importance of the RBA’s minutes (due today)," the analysts at ANZ Bank explained, adding, "Usually, we would look to them for a more detailed assessment of the decision that was made, but with the Governor having already laid out the boards assessment, the minutes will likely provide little more than some additional information on the RBA’s view on recent trend in the labour market."

AUD/USD levels

AUD/USD reached a 78.6% retracement level at 0.6857 and now consolidates. Analysts at Commerzbank explained that there are two 13 counts on the 240 minute chart and they will now exit remaining short positions and reattempt longs:

 "Initial upside target is the 55-day ma at 0.7008, 0.7022 the June peak and the April peak at 0.7069. Further up resistance can be spotted at the 0.7207 February high. A rise above the 0.7207 late February high would target the December 2018 high at 0.7394."