The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Wednesday, decreasing the price of AUDUSD to less than 0.7100 following some key economic releases. The technical bias shall remain bearish because of a higher low in the recent upside move.

AUD/USD Technical Analysis

As of this writing, the pair is being traded around 0.7084. On the downside, a support can be noted around 0.7000, the trend line support ahead of 0.6900 the psychological number and then 0.6823, the major horizontal support level as demonstrated in the given below daily chart.

On the upside, a hurdle can be noted near 0.7139, an immediate 23.6% Fib level resistance level ahead of 0.7336, the major horizontal resistance level and then 0.8128, the trendline resistance in the given above chart. The technical bias shall remain bearish as long as the 0.7336 resistance area is intact.

RBA Minutes

After its meetings in April and May, the Reserve Bank of Australia concluded: “In the current circumstances, members agreed that it was more likely that the next move in the cash rate would be up, rather than down.”

In the minutes of the September meeting, the Reserve Bank makes no reference to that line. The Reserve Bank left rates on hold at 1.5 percent.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.