AUD/USD minutes: beat of the same drum, Bulls prevail

By FXStreet FXStreet (Guatemala) – AUD/USD is marginally higher post the release of the RBA minutes. The major commodity currency is up 20 pips and seeking the 200 DMA out on the 1hr sticks.

The RBA stays with their on-going stance and feels that it is appropriate to stick to their current policy, stating that earlier rate cuts are supportive of aggregate demand and expect Q3 GDP to improve on the second quarters. Markets will soon move over then to catalysts from the US counterpart to the trade that lies with the FOMC. Expectations are that we will not see a move from the Fed until next year keeping the bullishness in the rate underpinned.

AUD/USD levels

Technically, bulls will be focused on the 0.7385 Fib retracement level as a target on the way to 0.7402 2014-2015 downtrend and August highs of and the 0.7439 August high. On the other hand, 0.7227 is first support and a break of the 0.72 handle puts the 55 DMA under pressure at 0.7179 ahead of 0.7146 and the 20 DMA. The October lows are then revealed and the start of the short-term recovery from 0.7000.
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Source:: FX Street