AUD/USD Outlook (16th April 2019)

Dovish RBA Minutes
AUD/USD rejected resistance level

Price Movement
Since yesterday, AUD/USD moved down by around 40pips.

Trend
AUD/USD is trending upwards.

Important Issue
This morning at 0930 (SGT), RBA released the Monetary Policy Meeting Minutes. The minutes highlighted that:
- “Growth had slowed markedly in the second half of 2018 compared with the first half.”
- “Conditions in the established housing market had remained weak in recent months.”
- “The labour market had continued to improve in early 2019, despite the slowing in growth recorded in the national accounts through 2018.”
- “In Canada, New Zealand and Australia, financial market pricing implied that declines in policy rates were expected in the coming year or so.”

Technical
This morning, AUD/USD tested and rejected the 0.71750 resistance level.

Price Levels
Current Price: 0.71473
Next Resistance: 0.71750
Next Support: 0.70650