FxWirePro: AUD/USD confined to narrow ranges, Aussie little changed after RBA minutes

AUD/USD chart - Trading View 

AUD/USD was trading largely rangebound on the day with session highs at 0.6148 and lows at 0.6088.

RBA minutes has little impact on the Aussie which has been under immense selling pressure.

The RBA statement showed the readiness on the part of policymakers to act if needed, also indicating a move towards the bond purchases rather than a further rate cut.

AUD/USD trades with a strong bearish bias. Slight bullish divergence on RSI and Stochs keeps scope for upside. 

Risk-on sentiment keeps the downside cushioned, the pair has formed a Doji on the daily candle at around 05:15 GMT.

5-DMA is immediate resistance at 0.6227. Break above 21-EMA (0.6466) required for near-term upside. 

Major trend is strongly bearish. No major signs of reversal seen. Further downside on charts.

Next bear target lies at 0.6006 (Oct 2008 low). Violation there will open further downside.

Markets await Thursday’s monthly employment data and RBA’s moves towards alleviating COVID-19 damages.