AUDUSD Successfully Tested the 0.6754 Low

AUDUSD trades 0.28% higher at 0.6782 after the release of RBA’s August meeting minutes that didn’t provide any fresh clues about the next policy move.  Investors closely watch the RBA, as it kept its official cash rate on hold at 1.00%, as widely expected earlier this month.

In the daily chart the pair today tested the support of the recent trading range at 0.6754. AUDUSD consolidates above recent lows following a bullish hammer formation the previous week that suggests that the pair has found a strong support at the recent low of 0.6676. Bears are in control for the medium term but the pair managed to create a strong support zone at 0.6743. The pair is in consolidation range between 0.6750 and 0.6820 since August 5th.  On the downside first support now stands at 0.6754 today’s low, a level that if breached will enhance the slide toward the 0.67 round figure. On the upside immediate resistance stands at 0.6794 today’s high while more offers will emerge at 0.6817 the high from August 13 and then at 0.6912 the 50 day moving average.Don’t miss a beat! Follow us on Telegram and Twitter.

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