RBA minutes preview - what to expect in AUD/USD?

Currently, AUD/USD is trading at 0.7252, up 0.07% on the day, having posted a daily high at 0.7258 and low at 0.7240.

AUD/USD has been sent lower in an extension of the downside on the back of a strong dollar again overnight and Yellen suggesting that the jobs market has improved and wages are growing, underpinning the notion for more hikes in 2017 to come. This has hot the antipodeans that hardest that had otherwise been enjoying weakness in US economy previously in the year before Q3 GDP improvements and a sudden turn around in some of the US data ahead of the FOMC meeting last week.

Meanwhile the RBA suffered a recent blow on the back of the Australian economy's contraction in GDP Q3 after they let rate son hold, in the same fashion as last year where the RBA chilled out for the summer and Christmas breaks.

RBA minutes

For today, we have the Minutes from the December RBA Board Meeting and analysts at ANZ explained that given that, "The meeting was held prior to the release of the Q3 GDP shocker, the market is not likely to pay too much attention to the tone of the message, and little new information about the RBA's bias is likely to be forthcoming."

AUD/USD levels to monitor

Spot is presently trading at 0.7252, and next resistance can be seen at 0.7252 (Daily Classic S1), 0.7258 (Daily High), 0.7269 (Hourly 20 EMA), 0.7312 (Daily Classic PP) and 0.7315 (Yesterday's High). Next support to the downside can be found at 0.7247 (Monthly Low), 0.7247 (Weekly Low), 0.7247 (Daily Open), 0.7242 (Yesterday's Low) and 0.7240 (Daily Low).