AUD/USD Report: Australian bulls are moving, thus 0.6900 becomes more probable.

VOT Research Desk

Despite the release of the Reserve Bank of Australia’s (RBA) monetary policy minutes, which give a detailed explanation of why interest rates were raised by 25 basis points (bps).

At the November monetary policy meeting, the AUDUSD pair is performing poorly in the Asian session.

The asset is having trouble bridging the demand zone, which is located in a constrained range between 0.6701 and 0.7022 on a four-hour scale.

The 20- and 50-period Exponential Moving Averages (EMAs) are sloped northward at 0.6642 and 0.6550, adding to the upside filters. Further deterioration is anticipated, as the Relative Strength Index (RSI) (14) has moved into the positive zone of 60.00-80.00. 

On the other hand, if the asset falls below Thursday’s low around 0.6387, the dollar bulls will recover momentum. This will push the pair toward their low on November 3 and their high on October 14 both at 0.6324.