FxWirePro: AUD/USD pauses upside, Aussie under pressure ahead of RBA Minutes, jobs report

Chart - Courtesy Trading View 

AUD/USD was trading 0.44% lower on the day at 0.6673 at around 04:30 GMT. The pair has snapped at 2-day upside and remains capped below cloud top. 

The Australian dollar remains under pressure ahead of RBA policy minutes and also the release of employment data, which is due on Thursday.

The Employment Change is seen higher at 15k vs. the prior release of 0.9k. While the Unemployment Rate is seen stable at 3.5%.

The Reserve Bank of Australia (RBA) monetary policy minutes will provide a detailed explanation behind the announcement of the 25 basis points (bps) rate hike in November.

The central bank continued the smaller 25 bps rate hike regime this month despite, a historic surge in third-quarter inflation data.

Technical Analysis:

- AUD/USD struggles at 110-EMA, decisive break above required for upside continuation

- Price action remains capped below cloud top 

- Momentum is bullish, Stochs are sharply higher, RSI is above 50

- Volatility is high and rising, GMMA indicator shows near-term bias is bullish

Major Support Levels: 0.6585 (5-DMA), 0.6541 (55-EMA)

Major Resistance Levels: 0.6691 (110-EMA), 0.6953 (200-DMA)

Summary: AUD/USD trades with a bullish bias. The pair has paused upside at 110-EMA and cloud top, decisive break above will fuel further gains.