The Australian dollar slipped on Tuesday and the AUDUSD pair was seen 0.20% lower during the London session, hovering around the 0.79 mark. The greenback gained broadly and was trying to erase some of the sharp losses suffered in the previous week.
The minutes said: “the Board is more encouraged by the global economy than in December. “The near-term outlook for Australia’s major trading partners had been revised up slightly since November” and “global growth could continue to surprise on the upside” boosting growth and inflation in Australia,” Somewhat positive minutes failed to lift the Australian dollar, but losses were not dramatic so far.
In addition, commodities were weaker on Tuesday, with copper, oil and silver losing ground amid stronger US dollar. As there are no major data on the agenda today, this short-term trend might continue throughout the day.
The Aussie is now testing the first stronger support near 0.78950 and if not held, the intraday outlook could switch to bearish, targeting 0.7850 in the initial wave.
Bears might defend the 0.7940 level and if forced to retreat, the next selling zone appears to be slightly below the psychological 0.80 handle. In all cases we strongly recommend to have rigorous money and risk management.
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