AUD/USD Eyes RBA Minutes After Iron Ore Rally Fails To Lift Aussie Dollar

Speaking of the Australian Dollar, the Reserve Bank of Australia’s (RBA) meeting minutes will cross the wires today. While the minutes may provide further insight into RBA policy makers’ recent decisions, the focus remains on the July meeting when the central bank is expected to alter its quantitative easing program. Fundamentally speaking, the Australian Dollar looks ready to move higher in the coming weeks.

AUD/USD TECHNICAL OUTLOOK:

The Australian Dollar has been under pressure against the US Dollar as of late, riding a trendline from the May swing high lower after briefly surging above the former resistance level. A recent bearish crossover between the 20- and 50-day Simple Moving Averages (SMA) cast additional negative technical pressure on the currency pair.

The MACD oscillator is trending lower below its signal line, while the Relative Strength Index (RSI) remains slightly below its neutral 50 mark. Support at the 23.6% Fibonacci retracement level could underpin price in the coming days, but a drop lower could see price fall to the June low near 0.7660. Alternatively, a move higher may see resistance at the 38.2% Fib level or the 20- and 50-day SMAs.

AUD/USD DAILY CHART

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Chart created with TradingView

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