AUD/USD chart - Trading View
AUD/USD was consolidating previous session's up moves as the pair trades range bound above the 0.73 mark.
Aussie little changed after the RBA minutes. Technical analysis shows the pair is set for further upside.
Minutes of the Reserve Bank of Australia's (RBA) Nov. 3 policy meeting released on Tuesday showed the board pledged not to raise interest rates for at least three more years.
The central bank however emphasised that monetary and fiscal stimulus would be needed for a considerable time and that it will be in the form of government bond purchase program.
AUD/USD closed 0.77% higher on Monday's trade and is set to extend gains as technical analysis shows further upside.
Volatility is rising, oscillators are biased higher and ADX and MACD support upside. Price action is above daily cloud.
On the weekly charts, we see that the pair is extending gains above 200W MA. Stochs and RSI are biased higher and RSI shows strength above 60 mark.
Next immediate resistance lies at 0.7413 (Sept 1st high). Scope for test of 78.6% Fib at 0.7573. Bullish invalidation only below 200W MA.
