FxWirePro: AUD/USD trades in tight range, RBA minutes confirm policymakers’ dovish bias

AUD/USD chart - Trading View 

AUD/USD was trading in a narrow range, consolidating previous session's rise.

Price action has slipped lower from session highs at 0.7230 and was hovering around 0.7222 at around 04:00 GMT.

Aussie fades upside momentum after the RBA minutes from the August month’s monetary policy meeting confirm policymakers’ dovish bias.

That said, a better-than-forecast weekly consumer sentiment for Australia cushions downside in the pair.

Data released earlier today showed Australia’s ANZ-Roy Morgan Consumer Sentiment Index printed at 88.6, above the prior month's 86.5.

Technical indicators support upside. Risk sentiment and political news will influence price action amid a data light calendar.

21-EMA is strong support at 0.7139. Break below will change near-term dynamics. On the upside, watch out for decisive break above 200W MA for further gains. 

Major Support Levels: 

S1: 0.72 (Psychological mark)

S2: 0.7182 (5-DMA)

S3: 0.7139 (21-EMA)

Major Resistance Levels: 

R1: 0.7252 (200W MA)

R2: 0.0.7393 (Dec 2018 high)

R3: 0.7573 (78.6% Fib)

Summary: The pair trades with a bullish momentum. 200W MA is major resistance at 0.7252. Watch out for a decisive break above for upside continuation. Break below 21-EMA could see a change in near-term dynamics.