AUD/USD & CB Leading Index/RBA Monetary Policy Minutes: Opportunity for buyers ahead?
Today we'll have a light economic calendar in terms of macroeconomic events, but we'll be watching for the latest developments around the Australian Dollar, as we would be following the CB Leading Index at 14:30 GMT and latest numbers have been showing a pattern to stay in the range between 0.1% and 0.5% during the latest months. However, the key event will be at 01:30 GMT on Tuesday, when it will be released the RBA monetary policy meeting minutes.
Our technical picture for AUD/USD at H4 chart is calling for more weakness across the board, but in terms of price action, there is a zone very important for the buyers, as the 0.7515 – 0.7455 levels have been proven to be a strong demand zone and eventually, the Aussie may have a momentum to resume the bullish bias. If that happens, then a breakout above the 0.7515 level is expected towards the 0.7565 zone. By another hand, if the pair manages to break the 0.7455 support level, it's expected to fall towards the 0.7400 level.