AUDUSD analysis – Australian dollar rises slightly to 0.6778


Earlier today, Aussie moved slightly upwards to 0.6778 after the RBA released its monetary policy minutes. 

20 August 2019, OctaFX – The Australian dollar rose slightly after the RBA released minutes for the meeting held on August 6. In the minutes, the officials expressed concerns about the global economy, particularly among its major trading partners like China.

The officials also praised the weaker Australian dollar, which they believe is positive as it boosts exports. Domestically, they said that the economy had made some improvements as a result of the resources sector and increased consumption. On the housing side, they said that there was some evidence that housing conditions were improving in Sydney and Melbourne, where prices have increased slightly.

Finally, the members said that the low-interest rates could remain for a considerable amount of time.

AUDUSD technical analysis

AUDUSD pair is now trading at 0.6778, which is slightly lower than the intraday high of 0.0.6782. On the 30-minute chart below, the price is along the upper line of the Bollinger Bands while the RSI has soared to the current level of 60. The dots on the Parabolic SAR are below the current price. As such, the pair could continue moving higher, to test the important resistance level of 0.6800.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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