AUD/USD battles vrs strong downtrend in minor recovery

Currently, AUD/USD is trading at 0.7269, up 0.18% on the day, having posted a daily high at 0.7273 and low at 0.7256.

AUD/USD is making slow tracks on the upside in a minor recovery from the recent lows seen at 0.7222 overnight vrs a strong dollar environment. US Dollar Index off highs, still headed toward highest close in 14 years

RBA minutes were released yesterday and the RBA noted "considerable uncertainty" with regards to momentum in the labor market. "Overall, the cautious tone supports the notion that the RBA is on hold for now," explained analysts at Brown Brothers Harriman.

"The Fed's assertive tightening projections plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar, explained analysts at Westpac, adding, "Against that coal and iron ore are likely to sustain a good portion of their dramatic rises, and economic data should improve in Q4 and Q1, but these forces are subservient to the US dollar's trend."

AUD/USD levels

Spot is presently trading at 0.7270, and next resistance can be seen at 0.7273 (Daily High), 0.7294 (Daily Classic R1), 0.7321 (Hourly 100 SMA), 0.7340 (Daily Classic R2) and 0.7364 (Weekly Classic PP). Support below can be found at 0.7268 (Daily Classic PP), 0.7264 (Yesterday's High), 0.7257 (Daily Open), 0.7256 (Daily Low) and 0.7252 (Hourly 20 EMA).