AUD/USD continuing to hold above 0.74 ahead of the RBA's Meeting Minutes

The Aussie is middling through the new trading week as traders await meaningful releases.
RBA Meeting Minutes due early Tuesday could send the major pair into a new direction.

Joshua Gibson FXStreet

The AUD/USD is continuing to trade flat into Tuesday's action after middling through Monday's market session, twisting just above the 0.7400 major level.

Aussie traders shuffled their feet to open the new trading week, keeping the AUD/USD trapped near Friday's highs on the bullish side of 0.7400, but a lack of meaningful data ahead of the Reserve Bank of Australia's (RBA) latest meeting minutes.

Early Tuesday sees the RBA's latest release of the central bank's Meeting Minutes, due at 01:30 GMT, though broader markets are already bracing for a dovish showing from the RBA. Recent public showings from the RBA's Governor Lowe have been on the cautious side, and broader markets have largely priced in a disappointing showing from the RBA, which is broadly expected to keep standing pat on interest rates well into 2019.

AUD/USD Levels to watch

Technical indicators are grappling with a sluggish AUD/USD, and key chart readings show a growing sense of indecision surrounding the pair, and as FXStreet's own Valeria Bednarik noted, "meanwhile, the pair maintains a short-term neutral stance, as in the 4 hours chart, is trading above directionless 20 and 100 SMA, while below a slightly bearish 200 SMA, as technical indicators erased their early gains and hover now around their midlines."

Support levels: 0.7400 0.7370 0.7330

Resistance levels: 0.7450 0.7490 0.7520

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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