FxWirePro: AUD/USD extends weakness on dovish RBA minutes, break below 0.7140 to see more downside

AUD/USD chart - Trading View 

Fundamental News:

AUD/USD extends weakness on dovish RBA minutes, hits session lows at 0.7139.

Reserve Bank of Australia's (RBA) April meeting minutes showed a slight dovish tilt.

The board believed that the likelihood of a rate hike in the near-term is low, given the subdued price pressures.

Technical Analysis:

Upside was capped at 200-DMA. Pair has slipped below 5-DMA and major EMAs on the hourly charts.

Pair is resuming downside after doji formation on Monday's trade. RSI has turned, Stochs are near oversold.

Strong support seen at 0.7140. Decisive break below will see weakness till 0.7117 (cloud top and 20-DMA) and then 0.7087 (Apr 8 low).

Major trend is bearish. 200-DMA is strong resistance. Any bullishness only on break above.

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