Chart - Courtesy Trading View
AUD/USD was trading largely unchanged at 0.7025 at around 05:25 GMT, with session high at 0.7038 and low at 0.7000.
The major is consolidating previous session's losses, mixed RBA Minutes fail to provide any support.
RBA Minutes offers no new surprise, showed that the “board expects to take further steps in the process of normalizing monetary conditions over the months ahead.
Economic slowdown fears concerning China and the US appear to be the major challenge for bulls in the pair.
The pair justifies risk-off mood amid market’s anxiety ahead of Federal Open Market Committee (FOMC) meeting minutes.
Recovery in the pair was capped shy of 200-DMA, the pair currently hovers above daily cloud and 200H MA support.
Major Support Levels:
S1: 0.6998 (Cloud top)
S2: 0.6982 (55-EMA)
Major Resistance Levels:
R1: 0.7050 (110-EMA)
R2: 0.7069 (5-DMA)
Summary: AUD/USD pivotal at daily cloud support. Watch out for break below for further weakness. Major focus will be on Fed Minutes amid indecision over the US central bank’s next move.
