FxWirePro: AUD/USD eyes 0.71, Aussie under pressure after RBA minutes reiterate uncertain economic outlook

AUD/USD chart on Trading View used for analysis

• AUD/USD is trading 0.22% lower on the day at 0.7113 at 0345 GMT.
   
• The major is extending weakness after RBA minutes which supported the bank's neutral stance.
   
• As per the minutes, uncertainty on economic outlook mainly driven by consumption remains a problem for the bank. 
   
• The RBA reiterated the initial meeting statement saying “Probabilities around rate change scenarios were more evenly balanced than before".
   
• The pair is now on track to test 0.71 mark. Next major support lies at cloud top at 0.7069.
   
• Major trend is bearish and break below cloud will see major weakness. 

Support levels - 0.7103 (1H 200-SMA), 0.7069 (cloud top), 0.7054 (Feb 12 low)

Resistance levels - 0.7136 (21-EMA), 0.7154 (55-EMA), 0.7272 (200-DMA) 

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