AUDUSD Resumes Upside Move Ahead of RBA Minutes

Amid ongoing USD selling pressure, the Aussie Dollar is benefitting from the situation, and the AUDUSD is up 0.53% on the day. The Reserve Bank of Australia (RBA) is releasing the minutes of its last meeting on Tuesday. The RBA held the interest rates in its last meeting (as expected), and the RBA Governor Philip Lowe insists that the bank has not ruled out negative interest rates. However, the RBA has also insisted that it would not make moves to intervene in the Aussie Dollar’s appreciation. 

However, the fundamental push for the AUDUSD pair continues to be the selling in the US Dollar at the moment, and not the RBA’s actions which have mostly been priced into the AUD’s near-term price action.

Technical Outlook for AUDUSD

The daily candle for the AUDUSD is challenging the 0.72057 resistance. If the pair can break this level, this sends the pair to 19-month highs at 0.72977 level. The December 2018 high at 0.73831 and the 0.74640 resistance form additional price targets to the upside. 

On the flip side, rejection at current resistance could lead to a pullback, which takes the pair to the 0.70595 support. 0.70034 and 0.69160 are further targets to the downside, attainable if price breaches the 0.69160 price level.

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