• AUD/USD dipped on Tuesday as investors digested RBA November Meeting Minutes.
• Australia’s central bank said on Tuesday that it may maintain the cash rate at its current level if incoming data surprises to the upside, though there are also scenarios where further policy easing could be considered.
• Minutes from the Reserve Bank of Australia’s November 3–4 policy meeting showed that the board viewed the current cash rate of 3.6% as slightly restrictive, but noted that this may no longer be the case, pointing to the recent surge in housing credit to investors.
• A higher-than-expected third-quarter inflation print led the central bank to project inflation remaining above the 2–3% target band until mid-2026, settling at 2.6%, slightly above the 2.5% midpoint of its target range.
• Immediate resistance is located at 0.6514(50%fib), any close above will push the pair towards 0.6528(SMA 20).
• Support is seen at 0.6471(38.2%fib) and break below could take the pair towards 0.6449(Lower BB).
Recommendation: Good to sell around 0.6500, with stop loss of 0.6580 and target price of 0.6440
