• AUD/USD edged higher on Monday as investors awaited the RBA’s December meeting minutes for clearer policy guidance.
• Attention turns to the RBA’s December monetary policy meeting minutes, due at 00:30 GMT on Tuesday, which may offer clearer insight into the central bank’s inflation outlook and rate bias.
• U.S. macro data will be in focus this week, including Q3 GDP, October durable goods orders, and November industrial production, all of which could influence near-term USD direction.
• AUD/USD has risen 7% this year, ending four straight years of losses, supported by a weaker U.S. dollar and expectations the RBA may resume rate hikes next year.
• Immediate resistance is located at 0.6662(Dec 16th high), any close above will push the pair towards 0.6685(23.6%fib).
• Support is seen at 0.6597 (38.2%fib) and break below could take the pair towards 0.6554(Dec 3rd low).
Recommendation: Good to buy around 0.6620, with stop loss of 0.6550 and target price of 0.6700
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