FxWirePro: AUD/USD edges higher after hawkish RBA minutes

• AUD/USD edged higher on Tuesday  as investors assessed the minutes from the Reserve Bank of Australia's September policy meeting, which reinforced the central bank's hawkish stance and highlighted persistent inflation risks.

• Minutes released on Tuesday revealed unanimous support among Monetary Policy Board members for a quarter-percentage-point rate hike to 4.60% at the September 28-29 policy meeting..

• Board members noted that multiple inflationary risks highlighted in August had either emerged or strengthened, even as the economy continued to demonstrate resilience amid slowing demand.

• Investors are now turning their attention to Australia's September employment report, due on Thursday, which could provide fresh clues about the strength of the labour market and the RBA's future policy direction.

• Market consensus expects employment to increase by 20,000 jobs, while the unemployment rate is forecast to remain steady at 4.6%.

• Immediate resistance is located at 0.6967(SMA20), any close above will push the pair towards 0.6972(50%fib).

• Support is seen at 0.6942(38.2%fib) and break below could take the pair towards 0.6936(Lower BB ).

 Recommendation: Good to sell around 0.6970, with stop loss of 0.7040 and target price of 0.6900