- Aussie under renewed selling pressure on Tuesday after the RBA minutes highlighted the central bank's concern on highly indebted households.
- The RBA March monetary policy meeting minutes, painted a mixed picture of the economy, adding sluggishness to market sentiments.
- After hitting fresh 2017 highs at 0.7747, the major slipped below the 0.77 handle in the Asian session.
- Currently, the pair has pared some of the losses and is trading at 0.7710.
- The pair is extending bounce off daily cloud and is holding above all major moving averages.
- Technical studies are pointing to further upside in the pair, RSI strength seen at 61 levels.
- MACD is showing a bullish crossover on signal line and Stochs are biased higher.
- Focus will now be on the RBA Deputy Governor Guy Debelle’s speech, scheduled to be held on March 22 for further direction.
Support levels - 0.7705 (5-DMA), 0.7603 (50-DMA), 0.7556 (cloud top)
Resistance levels - 0.7740 (Feb 23 high), 0.7778 (Nov 8, 2016 high), 0.78
Call update: We hold by our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-major-trendline-resistance-at-07715-good-to-go-long-on-dips-597660).
Recommendation: Good to buy on dips.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 68.6303(Bullish), while Hourly USD Spot Index was at -146.492 (Highly bearish) at 0740 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
