AUD/USD keeps red after RBA minutes say “no strong case for a near-term rate rise”

• AUD hardly moved after the RBA minutes reiterated that there is no strong case for a near-term move in interest rates.
• Bulls need a close above previous day’s doji candle high of 0.7442.

The AUD hardly batted an eye after the RBA minutes reiterated the policymakers do not see a strong case for a near-term move in interest rates.

The minutes also talked about household debt risk, slow wage growth and downside risks to the global economy from trade tensions, all indicating that the interest rates will likely stay at a record low of 1.5 percent for some time.

Hence, the currency pair risks falling below 0.74. At press time, the AUD/USD pair is trading at 0.7404, having clocked a session high of 0.7421 earlier today.

The AUD/USD created a small doji candle yesterday, signaling indecision in the marketplace. A close today below the Doji candle low of 0.7409 would expose the recent low of 0.7310. On the other hand, a close today above 0.7442 would signal a continuation of the recovery from the recent low of 0.7310.

AUD/USD Technical Levels

Resistance: 0.7442 (previous day’s high), 0.7484 (50-day moving average), 0.7589 (100-day moving average).

Support: 0.7360 (July 12 low), 0.7310 (July 2 low), 0.7194 (Jan 2017 low).