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May 20 - 08:55 PM

AUD/USD - Dips A Buying Opportunity, RBA Minutes In Focus

By Krishna K  —  May 20 - 07:35 PM
  • AUD/USD closes 0.35% lower on Monday after failing to stabilise above 0.6700

  • Dips to remain shallow as rally in base and precious metals support

  • Iron ore climbs to 3-mth high, gold and LME copper hit record highs

  • Higher-for-longer RBA rate stance will limit AUD downside

  • Minutes of RBA May meeting due Tuesday, will be key for direction

  • Upside thwarted for now as Fed policymakers cautious on inflation, policy

  • 0.6640-50 to 0.6750 consolidation will break higher to 0.6838, 2024 high

  • Further support at 0.6620, resistance 0.6710-15; Mon range 0.6708-0.6662

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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