The Australian dollar clung on above 70 US cents after the central bank offered few surprises in minutes from last month’s meeting from Governor Philip Lowe. Lowe said Australia’s monetary policy would remain accommodative for as long as necessary and added that although he would prefer a cheaper Aussie dollar, its 27% recovery from March lows was supported by fundamentals.
Technically, the AUD is nearing overbought levels with RSI near 70 and about to break through the peak levels reached in June. The next resistance would be above 72 cents.
