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AUD/USD stuck under resistance after slightly dovish RBA minutes

The meeting minutes from the recent rate decision by the RBA show that the central bank is still concerned with the high value of the Australian dollar.

The minutes did not provide any huge news, but were enough to limit any gains by the Aussie.

Glenn Stevens and his colleagues also left the door open to future rate cuts. They decided not to signal an intent to imminently reduce rates, but also not to close off this option.

Here is how it looks on the chart:

AUD USD Falling after employment data September 12 2013 technical view for fundamental event

The Australian dollar reacted with a drop, with AUD/USD slipping under 0.93. As the USD began retreating in the European session, the Australian dollar recovered, but it seems clearer that the pair will find it hard to recapture high resistance at 0.9344, and that the break above this line was only a false one.

For more on the Aussie, see the AUDUSD forecast

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.