AUD/USD (current price: 0.7492)
The Australian Dollar has been hit hard yesterday following the release of the minutes from the RBA’s Monetary Policy Meeting. The currency got back below the crucial 0.75 level compared to the USD, but the strong 0.7410 level still supports the pair just below the current rate. If the dovish stance of the RBA changes interest rate expectations significantly, the cross might be in for a re-test of the 200-day Ma that is found currently at 0.73.
Our assessment: AUD/USD turned lower for the second time from around the 0.765 level, but the long-term uptrend remains intact for now, with multiple support levels still helping the pair.
