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RBA minutes preview: What to expect in AUD/USD

FXStreet (Barcelona) - The RBA Monetary Policy Statement is due today and will be the main source of catalyst across the board ahead of tonight's Nonfarm Payrolls data from the US shift.

In the lead up to the event, the Aussie has been been consolidating the minor downtrend of 20 pips to below the 200 SMA while the bulls attempts from the 0.7080 support zone grew tired on a less eventful day in the US shift.

Nonfarm Payrolls: Can it confirm a December rate hike?

Markets are reigning in profits ahead of the Nonfarm Payrolls event, but will be putting a keen eye on the RBA minutes in respect of the Aussie dollar given the recent change of tone in the RBA's statement that came with a hint of dovishness in respect to how the economy is actually performing and whether the RBA has overshot their growth forecasts.

One also might look for concerns in the property market and over supply that had been expressed in minutes earlier in the year and detailed in the RBA's half-yearly financial stability report. Also to look out for is the sentiment around the recent prospects for further appreciation of the Aussie inline with commodity prices, Fed normalising interest rates, improvements in business conditions in respect of the labour market and a steady-to-lower unemployment rate.

Key AUD/USD levels to monitor

0.7066 is key target on a break below the 0.71 handle. A break below the 0.7080 would be significant and opens the medium term target for the September lows at 0.6940 with 0.6774 2004 low on the wide. On the upside, 0.7220 is a key target while 0.7521 comes as the 200 DMA that would alleviate the bearish pressures.

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