FxWirePro: RBA minutes signal rate cut in June, AUD/USD retraces from session highs, bias bearish

AUD/USD chart - Trading View 

AUD/USD retraces from session highs at 0.6929, major trend remains bearish.

The dovish set of RBA minutes confirms the central bank is closing on rate cuts, as expected by markets.

Governor Lowe also conveyed bearish bias for the labor market and growth data. 

Markets priced in expectations that the RBA will deliver at least two in the next seven months. 

AUD/USD slips below 0.69 handle, resumes weakness, ignores Doji formed on previous day's trade.

Technical studies support weakness. Next major support lies at 0.6855 (trendline). Break below will see drag till 88.6% Fib at 0.68. 

Close above 5-DMA will see gains till 21-EMA at 0.6976. Bearish invalidation only above 200-DMA.

Support levels - 0.6855 (trendline), 0.68 (88.6% Fib)

Resistance levels - 0.6895 (5-DMA), 0.6955 (68.1% Fib), 0.6976 (21-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.