AUD/USD Drifts Higher Above 0.6710 Following RBA Meeting Minutes

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  • AUD/USD holds positive ground near 0.6715 after the release of RBA meeting minutes. 
  • RBA members will examine further data to evaluate risk balance and how to balance it in policymaking.
  • The US Building Permits and Housing Starts for November will be due later on Tuesday. 
  • The AUD/USD pair attracts some buyers during the early Asian session on Tuesday. The pair currently trades near 0.6715, up 0.16% for the day. The Reserve Bank of Australia (RBA) released the Minutes of its December monetary policy meeting on Tuesday, suggesting that the central bank saw encouraging signs of progress on inflation and this needed to continue.

    The RBA members agreed that the case to leave the cash rate target unchanged at this meeting was the stronger one. Furthermore, the central bank will monitor the incoming data to alter the economic outlook and the evolving assessment of risks when setting policy. The RBA members agreed that inflation expectations remained consistent with the inflation target.

    Moving on, traders will focus on the US housing data, including Building Permits and Housing Starts on Tuesday. On Wednesday, the Australian Westpac Leading Index for November will be released.

    OVERVIEW Today last price 0.6714 Today Daily Change 0.0010 Today Daily Change % 0.15 Today daily open 0.6704


    TRENDS Daily SMA20 0.661 Daily SMA50 0.6481 Daily SMA100 0.6461 Daily SMA200 0.6577


    LEVELS Previous Daily High 0.6735 Previous Daily Low 0.669 Previous Weekly High 0.6729 Previous Weekly Low 0.654 Previous Monthly High 0.6677 Previous Monthly Low 0.6318 Daily Fibonacci 38.2% 0.6718 Daily Fibonacci 61.8% 0.6708 Daily Pivot Point S1 0.6684 Daily Pivot Point S2 0.6665 Daily Pivot Point S3 0.6639 Daily Pivot Point R1 0.6729 Daily Pivot Point R2 0.6755 Daily Pivot Point R3 0.6775

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