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AUD/USD becoming a concern to the RBA?

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7316 with a high of 0.7344 and a low of 0.7247.

Commodities had blasted to space adding further support and demand for the Aussie. Copper Gold and Oil were all marching higher in the European session. The pair is consolidating on the 0.73 having reached the aforementioned highs. AUD/USD has been supported by the 50 SMA since the uptrend started from 0.7165 and that level is 0.7236 today while the 20 SMA at 0.7289 offers nearer term support.

The FOMC minutes have also lent support to the pair with the market disappointed with the lack of commitment from the FOMC to hiking rates by a certain time frame while the economic picture remains grey and the conditions not quite appropriate for lift-off. Meanwhile, the exchange rate above 0.7500 was a concern to the RBA and a breach of 0.74 could be a little much too soon and attract selling interest.

AUD/USD bulls to take a breather?

Technically, the pair is in overbought territory here are a phase of consolidation can be expected at the end of the week. The pivot is based at 0.7233 on a setback while R2 0.7341 and R3 0.7408 are next resistances. The 200 DMA at 0.7606 is above where the RBA are comfortable on the exchange rate.

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