FxWirePro: AUD/USD slips following release of RBA meeting minutes

• AUD/USD slipped below 0.6500 level on   Tuesday as investors digested release of RBA Sep monetary policy meeting minutes.

• Minutes from the Reserve Bank of Australia's latest meeting, released on Tuesday, highlighted its concerns over persistent inflation and its cautious stance toward further easing.

•The board judged that monetary policy remained slightly restrictive, though the rise in house prices and home loans indicated that previous rate cuts were having some effect.

• Meanwhile, a survey by NAB showed that business activity remained resilient in September, with both sales and profits rising, while cost pressures were contained at the retail level.

•Markets are evenly split on whether the RBA will cut the 3.65% cash rate in November, with around a 64% chance of a move in December.

• Looking ahead, the RBA’s Chief Economist is scheduled to speak on Wednesday, followed by Governor Michele Bullock early Thursday morning, Australian time.

• Immediate resistance is located at 0.6546(38.2%fib), any close above will push the pair towards 0.6587(SMA 20).

• Support is seen at 0.6470(50%fib) and break below could take the pair towards 0.6447 (Lower BB).

 Recommendation: Good to sell around 0.6500, with stop loss of 0.6560 and target price of 0.6430