AUD/USD hits fresh session high after RBA minutes

AUD/USD pair extended gains to a fresh session high of 0.7661 even though the RBA minutes warned that an appreciating AUD could complicate rebalancing process.

Up for fifth straight day

The currency pair is trading higher for the fifth straight day and is at a two-week high. The RBA minutes noted resasonable prospects of sustaining economic growth and a gradual rise inflation, thereby suggesting little urgency to cut rates in the near future.

Moreover, the central bank’s comments over AUD received little/no attention, which is evident from the rise in the AUD. Ahead in the day,  the currency pair could take cues from oil and gold prices and US consumer price inflation data.

AUD/USD Technical Levels

A break above 0.7691 (Oct 4 high) would open up upside towards 0.7710 (Sep 29 high) and 0.7732 (Sep 8 high). On the other hand, a beakdown of support at 0.7648 (Friday’s high) would expose support at 0.7623 (session low) and 0.7604 (50-DMA).