- The Aussie dollar is seeing little action as the RBA minutes offered little hawkish or dovish surprise.
- The pair created an inside day candle yesterday, neutralizing the immediate bullish view put forward by Friday's inverse head-and-shoulders breakout.
- A close above 0.7326 would signal a continuation of the rally.
The AUD/USD has barely moved in the last few minutes, even though the minutes of the Reserve Bank of Australia (RBA) said the next move in interest rates is likely to be on the higher side.
The minutes, however, reiterated that policymakers do not see a strong case for a near-term move as wage growth remains anemic and high household debt and rising protectionism are risks to the Australian economy.
Simply put, the minutes offered little that markets did now know, leaving the Aussie dollar at the mercy of the broader market sentiment, which is currently not in favor of the risk assets. The Aussie, however, could resume its upward journey if today's close is above 0.7325 (high of yesterday's inside day candle).
That move would also put the focus back on the inverse head-and-shoulders breakout witnessed on Friday and could yield a rally to 0.7444 (200-day SMA).
AUD/USD Technical Levels
AUD/USD
Overview:
Last Price: 0.7297
Daily change: 5.0 pips
Daily change: 0.0686%
Daily Open: 0.7292
Trends:
Daily SMA20: 0.7184
Daily SMA50: 0.7171
Daily SMA100: 0.7256
Daily SMA200: 0.7451
Levels:
Daily High: 0.7327
Daily Low: 0.7276
Weekly High: 0.7336
Weekly Low: 0.7164
Monthly High: 0.724
Monthly Low: 0.702
Daily Fibonacci 38.2%: 0.7296
Daily Fibonacci 61.8%: 0.7308
Daily Pivot Point S1: 0.727
Daily Pivot Point S2: 0.7248
Daily Pivot Point S3: 0.7219
Daily Pivot Point R1: 0.732
Daily Pivot Point R2: 0.7349
Daily Pivot Point R3: 0.7371
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.