- AUD/USD has dropped back from overnight highs at 0.7298 and slipped below the 200 SMA on the hourly charts
- Repeated failures around the 0.73 handle on the previous two sessions bring the broader bearish trend back into the picture
- Earlier in the day, Australia Westpac leading index came in at m/m 0.1% m/m in September vs -0.3% in the previous month
- Markets continue to monitor the RBA’s mood (upbeat) and US data in respect of timings of Central Bank actions for further cues
- Aussie remains underpinned by the latest RBA minutes which sounded upbeat on the Australian economic prospects, also noting that the AUD level is supporting the economic re-balancing
- Trendline resistance is located at 0.7280, breaks beyond could take the pair to 0.7385 Fibo retracement, a key upside target
- On the downside, minor trendline support is located at 0.7250, breaks below could target 0.7240 levels
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