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AUD/USD clocks session high as RBA minutes sound more upbeat on growth

2018-6-19 10:24:08Basics of Trading
 AUD/USD clocks session high as RBA minutes sound more upbeat on growth

The Reserve Bank of Australia (RBA) June meeting minutes sounded more upbeat on growth, pushing the AUD/USD to a session high of  0.7427. 


The minutes said, "the recent data is consistent with forecast acceleration in GDP growth to above 3 percent", but warned that protectionist policies, political uncertainty in Italy and EM instability are a downside risk to the global outlook. 


As of writing, the AUD/USD is trading at 0.7417. The upside is likely being capped by the fact that despite upbeat take on the economy, the policymakers are in no hurry to hike rates. Meanwhile, the Fed signaled faster rate hikes last week. 

AUD/USD Technical Levels


Resistance: 0.7443 (50-hour moving average), 0.7468 (5-day moving average), 0.7540 (10-day moving average). 


Support: 0.7412 (May 9 low), 0.7394 (session low), (0.7328 (May 2016 low).