FxWirePro: AUD/USD edges higher in quiet trade,RBA in focus

• The Australian dollar edged higher  in subdued trade as investors awaited RBA Jul monetary policy meeting minutes due for release on Tuesday.

•The Reserve Bank of Australia is set to release the minutes of its July policy meeting, which may shed light on a rare division among policymakers before the decision to keep the cash rate unchanged at 3.85%.

•The RBA surprised markets by keeping the cash rate unchanged this month, with Governor Michele Bullock highlighting issues with the monthly inflation report as a key factor in the decision.

• RBA Governor Michele Bullock is scheduled to deliver a speech on Thursday at the Anika Foundation’s annual fundraising lunch.

•Following last week’s unexpectedly soft jobs report, markets are now pricing in a 90% probability of the RBA cutting rates in August

•  Immediate resistance is located at 0.6550(SMA 20), any close above will push the pair towards 0.6599(23.6%fib )

•  Support is seen at 0.6443(38.2%fib) and break below could take the pair towards 0.6377(Jan 23rd low).

 Recommendation: Be on sidelines