FxWirePro: AUD/USD hovers around cloud top, Aussie muted post dovish RBA minutes

AUD/USD chart - Trading View 

AUD/USD is trading in an extremely narrow range with session high at 0.7044 and lows at 0.7032.

Aussie little changed after dovish RBA minutes, AUD/USD holds above 0.70 handle.

RBA minutes revealed that the policymakers are willing to adjust policy "if needed" to support growth and inflation.

The minutes said that jobs growth will continue to moderate in the coming months and the spare capacity is likely to remain in the labor market for some time.

The pair little changed as markets have priced in the possibility of the RBA cutting rates before the year-end.

The pair hovers around cloud top and holds break above 110-EMA, bias is still bullish.

Major trend is bearish and given the dovish outlook we do not see scope for major upside.

Continued bullish momentum could push the pair to test 200-DMA which is stiff resistance at 0.7091.

Retrace below 110-EMA will see resumption of weakness. 

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