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The RBA minutes of their June meeting where another surprise hike had most of the market off side were released today, and they were surprisingly dovish. The board made clear the decision between a hike and hold was finely balanced and seems to suggest further hikes may require a high bar for inflation readings to sway them. AUD reaction was swift with AUDUSD selling off around 50 pips as the sellers finally took charge after a grinding rally upwards in AUD that had made nervous wrecks of the shorts.
The Key level of 0.6800 on the AUDUSD has again come into play, with it being almost impenetrable resistance at the top of the AUDUSD range, now it seems as is quite often the case, turning into major support.
Drilling down to the 5 minute chart the buying support at 0.68 is obvious, with a decent bounce and hold of 0.6800 as the RSI reading moved into oversold territory.
These technical levels will likely drive price action in todays remaining session, no further news is scheduled for Australia and the US calendar is extremely light after their long weekend. For short term technical traders of the AUDUSD the 0.6800 level is key. Long above, short below while this level remains a major resistance/support level.
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