AUD/USD fades spike after RBA minutes warn about strong AUD

AUD/USD pair fell back to hourly 100-MA level of 0.7542 after the RBA minutes released just now reiterated that the strong AUD exchange rate could complicate economic rebalancing.

Rejected at 0.7554

The bid tone around Aussie had improved in the run up to the RBA minutes release, thus pushing the pair to a session high of 0.7554, a level from where it turned lower following the minutes release.

The key take away once again is the bearish comment on the Aussie dollar. However, the message has been delivered on numerous occasions, thus losses are being capped around 0.7542 (hourly 100-MA).

AUD/USD Technical Levels

The pair was last seen trading around 0.7543. A move back above 0.7554 (session high) would expose 0.7573 (yesterday’s high) and 0.7622 (Pivot R2). On the lower side, breach of hourly 100-MA of 0.7542 could yield 0.7529 (Pivot) under which the pair could target 0.7521 (hourly 200-MA). Also note the decline in the pair could lead to bearish hourly 50-MA and 100-MA crossover.