FxWirePro: AUD/USD tight ranges prevail as market waits for fresh catalyst

• 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.