AUD/USD hits fresh 2016 highs, then retreats on RBA minutes

The AUD/USD pair regained momentum and hit fresh 2016 highs following the release of the minutes of RBA April meeting, despite the document reflecting a more dovish bias.

AUD/USD finds fresh bids near 0.7765

Currently, the AUD/USD pair now rises 0.27% to 0.7770, easing slightly from fresh ten-month highs of 0.7784 reached post-minutes release. The Aussie remains strongly bid as the RBA minutes displayed an optimistic view on the economy, while talked down slightly on the AUD level and left more scope for easing in the upcoming months.

The AUD/USD pair keeps gains and consolidates near yearly highs as broad based US dollar weakness also helps the bullish run in the pair. Next on tap for the major remains the US housing data and RBA Stevens speech scheduled later in the day, which may provide next direction on the prices.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7800 (round number) above which gains could be extended to the next hurdle located at 07853/66 (June 2015 high/ daily R2). On the flip side, the immediate support located at 0.7750/20 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7692 (1h 100-SMA).