AUD/USD inches higher above 0.7360 as the RBA releases April’s monetary policy minutes

AUD/USD has bounced back sharply from 0.7350 on the release of the RBA April’s minutes.
The RBA kept its interest rates unchanged in April and dictated neutral guidance.
A minor correction in the US Treasury yields has pressured the DXY.

Sagar Dua FXStreet

The AUD/USD pair has rebounded firmly after hitting a low of 0.7350 in the Tokyo session as the Reserve Bank of Australia (RBA) has released the minutes of the monetary policy announced in the first week of April.

Earlier, the announcements made in April’s monetary policy brought an intense sell-off in the asset as RBA chair Philip Lowe adopted a neutral stance. An unchanged interest rate policy was announced by the RBA along with a wait and watch guidance. The RBA believes that current price pressures are still not compelling for a rate hike sooner.

Last week’s release of a hike in the Unemployment Rate by the Australian Bureau of Statistics is not demanding any rate hike sooner. The Unemployment rate landed at 4% against the estimate of 3.9%. Also, the vulnerable Employment Change trimmed the chances of a rate hike by the RBA. The Australian administration added only 17.9k jobs against the consensus of 40k.

Meanwhile, the US dollar index (DXY) is facing some long liquidation on its way to 101.00. The DXY is experiencing minor resistance amid a slight correction in the US Treasury yields. The 10-year US Treasury yields have tumbled to 8.5% after printing a fresh three-year high of 2.88%.

AUD/USD

Overview
Today last price	0.7356
Today Daily Change	0.0007
Today Daily Change %	0.10
Today daily open	0.7349

Trends
Daily SMA20	0.7477
Daily SMA50	0.734
Daily SMA100	0.7252
Daily SMA200	0.7296

Levels
Previous Daily High	0.7418
Previous Daily Low	0.7342
Previous Weekly High	0.7494
Previous Weekly Low	0.739
Previous Monthly High	0.7541
Previous Monthly Low	0.7165
Daily Fibonacci 38.2%	0.7371
Daily Fibonacci 61.8%	0.7389
Daily Pivot Point S1	0.7321
Daily Pivot Point S2	0.7293
Daily Pivot Point S3	0.7244
Daily Pivot Point R1	0.7397
Daily Pivot Point R2	0.7446
Daily Pivot Point R3	0.7474

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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