AUD/USD (current price: 0.7689)
The Australian Dollar is still the strongest commodity currency of the past few weeks, and the Aussie trades just below its recent high near 0.77 after a slight correction towards the end of last week. The U.S. Dollar is trading weaker this week, and that seems to help the pair today in early trading, following a low-volatility consolidation on Monday. The RBA’s monetary policy meeting minutes were in line with expectations, hinting on no further rate cuts by the central bank in the near future.
Our assessment: AUS/USD might be headed higher again as only the 0.78 level stands in the way of the pair in the short-term, following two weeks of bullish trading.
