AUD/USD turns a blind eye to RBA minutes

AUD/USD remains flat lined around 0.7590 as traders turned a blind eye to RBA minutes, which carried little hawkish or dovish surprise. 

RBA closely watches labour and housing markets

The minutes revealed that the policymakers expect wage growth to remain low for some time. They also see low household income growth and high debt levels as risks to the outlook for consumption. On the positive side, the board still expects GDP growth to accelerate to 3%.

However, the concerns regarding consumption and anaemic wage growth are floating around for quite some time now. Thus, Aussie pairs remain largely unaffected by the RBA minutes. 

Yesterday’s sell-off from the high of 0.7629 appears to have run out of steam at 0.7585 following Fed’s Evans’ dovish comments. 

AUD/USD Technical Levels

A break below 0.7585 (previous day’s low) would expose 0.7568 (4-hour 50-MA) and 0.7567 (support on 4-hour chart). On the higher side, break above resistance at 0.76 could yield a re-test of 0.7636 (recent high) and 0.7679 (Mar 30 high). 

15M Bearish Neutral High
1H Bearish Oversold Low
4H Bearish Neutral Low
1D Slightly Bullish Overbought Expanding
1W Bullish Neutral Expanding


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