• AUD/ USD initially gained but gave up some ground as investors digested Reserve Bank of Australia's latest meeting minutes.
•Australia's central bank said on Tuesday there was no immediate need to change interest rates, keeping them steady for the past year. However, it stressed the importance of being ready to act as the economic outlook evolves.
• The central bank has kept rates at 4.35% for a year, up from a pandemic-era low of 0.1%. It believes this level is restrictive enough to bring inflation within the 2-3% target range while supporting employment growth.
• At GMT 04:15, AUD/USD was trading at $0.6503, after bouncing 0.7% overnight from last week's three-month low of $0.6441.
•Technical signals are bearish as RSI is trending lower, moving averages are trending down.
• Immediate resistance is located at 0.6530(38.2%fib), any close above will push the pair towards 0.6550(SMA 14).
• Support is seen at 0.6443 (23.6%fib) and break below could take the pair towards 0.6408(April 22nd low).
Recommendation: Good to sell around 0.6510, with stop loss of 0.6650 and target price of 0.6450
