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Forex: AUD/USD breaks to the upside following RBA minutes

AUD/USD printed fresh weekly highs at 1.0321 ahead of RBA minutes, just released, to dip back to 1.0300 round on the statement, as the RBA says the previous cuts in rates have worked, and sees scope for further easing. The pair trades last at 1.0316, while Australian ASX index moves back to session highs last up +0.09% for the session, around 4-year highs price zone.

While writing these lines, AUD/USD breaks to fresh session and weekly highs, last at 1.0329, with gold also higher around the $1613.

RBA retains easing bias, no urgency noted

On its RBA minutes release, the central bank said there are early indications that the easing campaign is having positive impact on consumers. The RBA considers there is still room to ease further, if necessary. One of the factors that allows the RBA to cut further would be the inflation outlook, which remains around average mandate.
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Forex: AUD/USD firm above 1.03; trend shifting structure still in place

Last week, we pointed out the potentiality for an upward transition in the underlying bearish trend that saw the pair fall from 1.06 down to 1.0235 in the last month, with the key trigger being the break of Feb 8 major swing high at 1.0360 prior to an impulsive counter-trend correction off multi-month lows.
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