FxWirePro: AUD/USD runs out of steam but maintains bullish outlook
AUD/USD edged higher on Tuesday after the Reserve Bank of Australia gave no clear hint that it would ease policy again and further supported by view that the United Kingdom will vote to stay in the European Union Minutes…
AUD/USD edged higher on Tuesday after the Reserve Bank of Australia gave no clear hint that it would ease policy again and further supported by view that the United Kingdom will vote to stay in the European Union
Minutes of the Reserve Bank of Australia's (RBA) June 7 meeting showed the central bank considered the current policy setting as appropriate for promoting sustainable economic growth and returning inflation to target over time.
However, the pair declined to hit low at 0.7453 in the early US session after new poll on Britain's referendum on European Union membership showed growing support for the "Leave" camp.
Further downside is expected to be limited as the pair finds strong resistance at 0.7402 which should limit downside and bring a rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7520, a break above this level would take the pair towards next resistance level at 0.7600.
To the downside immediate support can be seen at 0.7440, a break below this level will open the door towards next level at 0.7402.
