AUD/USD capped below 20-DMA, RBA minutes weigh

AUD/USD quickly reversed a knee-jerk spike to 20-DMA (0.7554) and now consolidates in a slim range, as markets continue to digest the latest RBA minutes.

AUD/USD: Focus shifts to Fed

Currently, the AUD/USD pair rises 0.13% to 0.7544, having printed fresh session highs at 0.7554 earlier on the day. The Aussie is seen moving back and forth in a 20-pips tight range, although remains within a striking distance of daily highs, as traders assess the RBA meeting minutes, which offered no new surprises, although reiterated that a stronger AUD level could complicate economic rebalancing.

The upside also remains capped amid risk-off market profile, with tumbling oil prices and cautious trading seen around the Asian stocks, as we head closer towards the key central banks’ events for this week, the Fed and BOJ decisions, due tomorrow.

Calendar-wise, a set of US housing data, including the housing starts and building permits data will be released later in the NA session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7554 (20-DMA) above which gains could be extended to the next hurdle located at 0.7587 (50-DMA). On the flip side, the immediate support located at 0.7530/25 (daily low & pivot). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7477 (daily S1).