AUD/USD testing weekly highs on RBA minutes, 0.75 closer

The latest upmove in the AUD/USD pair appears to have paused following the release of RBA’s June 7 meeting.

AUD/USD: 0.7500 eyed?

Currently, the AUD/USD pair advances +0.24% at 0.7477, flirting with Monday’ high reached at 0.7481. The Aussie remained little changed after the RBA minutes release as markets digest the key statement published in the document, citing that ‘low interest rates and weaker a$ since 2013 helped support above potential growth in Q1.”

Moreover, easing commodities’ prices coupled with wavering Asian equities also cap the upside in the higher-yielding currency AUD. Further, a negative surprise from the Aus house price index data also weighs down on the AUD/USD pair. RBA House price Index for Q1 showed that prices grew y/y, but a dip to -0.2 % q/q.

All eyes now remain on the Fed Chair Yellen’s testimony on the Semi-annual Monetary Policy Report before the Senate Banking Committee later tonight for further momentum on the greenback.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7500 (round number) above which gains could be extended to the next hurdle located at 0.7550 (May 2016 levels). On the flip side, the immediate support located at 0.7454/50 (daily pivot). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7425/05 (5 & 10-DMA).