AUD/USD Bullish Sequence Sputters Ahead of RBA Minutes

Australian Dollar Talking Points

The near-term advance in AUD/USD appears to be stalling ahead of the Reserve Bank of Australia (RBA) Minutes as it struggles to extend the recent series of higher highs lows, but the exchange rate may stage a larger correction over the remainder of the month as long as the Relative Strength Index (RSI) preserves the bullish formation carried over from October.

Image of daily change for major currencies

AUD/USD Bullish Sequence Sputters Ahead of RBA Minutes

Image of daily change for audusd rate

The RBA Minutes may do little to heighten the appeal of the Australian dollar as the central bank remains in no rush to lift the official cash rate (OCR) off of the record-low, and Governor Philip Lowe Co. look poised to retain the wait-and-see approach for the foreseeable future as ‘the Board does not see a strong case to adjust the cash rate in the near term.’

Image of rba official cash rate

In turn, the RBA may continue to run the clock at its next meeting on December 4 as ‘growth in household income remains low, debt levels are high and

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