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FxWirePro: Aussie under pressure on dovish RBA minutes, AUD/USD hits fresh 5-month low, eyes 0.68

AUD/USD chart - Trading View 

AUD/USD extends weakness for the 2nd straight week, bearish bias intact.

Aussie under pressure on dovish RBA minutes, AUD/USD hits fresh 5-month lows at 0.6834.

RBA June 4 monetary policy meeting's minutes showed the bank's readiness  to ease further in the coming months.

Major trend in the pair remains bearish. Price action has broken minor trendline support at 0.6885.

Stochs and RSI are sharply lower, MACD is showing a bearish crossover on signal line.

Volatility is rising as evidenced by expanding Bollinger bands. 

Bears eyes major trendline support at 0.68. Break below will see dip till 0.6744 (Jan 3rd low)

Support levels - 0.68 (trendline), 0.6744 (Jan 3rd low)

Resistance levels - 0.6880 (5-DMA), 0.6927 (Converged 20-DMA and 21-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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