AUD/USD deflates from highs, near 0.7320

After climbing as high as 0.7360 in early trade, AUD/USD has now slipped back to the 0.7320 area.

AUD/USD bolstered by RBA

The Aussie dollar has picked up further pace after the RBA minutes signalled no rush from the central bank to incur in further easing via rate cuts, leaving the chance of a June rate cut close to zero and a low probability of a July rate cut. 

Next of relevance in Oz, RAB’s Debelle is due to speak tomorrow, while employment figures are expected on Thursday. In the US calendar, CPI figures, Industrial Production and Fedspeak will take centre stage later in the NA session.

AUD/USD levels to watch

At the moment the pair is up 0.51% at 0.7326 and a breakout of 0.7367 (high May 17) would expose 0.7403 (high May 11) and finally 0.7485 (20-day sma). On the other hand, the next support aligns at 0.7249 (low May 16) ahead of 0.7210 (61.8% Fibo of 0.6828-0.7836) and then 0.7105 (low Feb.29).