AUD/USD flirting with session lows, around mid-0.6700s

Dovish sounding RBA meeting minutes exerted some fresh downward pressure.
The USD regains some positive traction and added to the intraday selling bias.

Haresh Menghani FXStreet

The AUD/USD pair refreshed daily lows in the last hour, with bears now eyeing a follow-through weakness below the 0.6750 immediate support zone.

Having posted an intraday high level of 0.6789, the pair met with some fresh supply during the Asian session on Tuesday in reaction to a more dovish tilt from minutes of the latest RBA monetary policy meeting held in October. The central bank showed readiness to ease policy further and also highlighted downside risks to the economy.

A modest USD uptick adds to the selling bias

This against the backdrop of doubt over any breakthrough from the latest round of trade talks between the US and China, coupled with Tuesday's mixed Chinese inflation figures exerted some additional pressure on the China-proxy Australian Dollar and triggered the initial of the intraday pullback.

Meanwhile, the latest leg of a downtick over the past hour or so could further be attributed to a modest US Dollar rebound. However, a sharp fall in the US Treasury bond yields might cap any strong move up for the Greenback and help limit deeper losses, at least for the time being.

In absence of any major market-moving US economic releases on Tuesday, traders are likely to take cues from a scheduled speech by Kansas City President Esther George in order to grab some short-term opportunities.

Technical levels to watch

AUD/USD

Overview
Today last price	0.6752
Today Daily Change	-0.0024
Today Daily Change %	-0.35
Today daily open	0.6776

Trends
Daily SMA20	0.6763
Daily SMA50	0.6778
Daily SMA100	0.6864
Daily SMA200	0.6978

Levels
Previous Daily High	0.6802
Previous Daily Low	0.675
Previous Weekly High	0.6811
Previous Weekly Low	0.6704
Previous Monthly High	0.6895
Previous Monthly Low	0.6687
Daily Fibonacci 38.2%	0.677
Daily Fibonacci 61.8%	0.6782
Daily Pivot Point S1	0.675
Daily Pivot Point S2	0.6724
Daily Pivot Point S3	0.6698
Daily Pivot Point R1	0.6802
Daily Pivot Point R2	0.6828
Daily Pivot Point R3	0.6854

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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