• AUD/ USD edged higher but remained near three month low on Monday as investors awaited Reserve Bank of Australia monetary policy for further direction.
• This week, the RBA will publish the minutes of its last policy meeting on Tuesday, while Governor Michele Bullock will deliver a speech on Thursday, though neither is likely to alter current market thinking on rates.
At GMT 04:15, AUD/USD edged higher 0.10% to $0.6465, having ended last week down 1.8% in the biggest weekly drop in four months.
•Technical signals are bearish as RSI is trending lower, moving averages are trending down.
• Immediate resistance is located at 0.6479(Nov 15th high), any close above will push the pair towards 0.6514(38.2%fib).
• 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 buy around 0.6480, with stop loss of 0.6550 and target price of 0.6400.
