AUD/USD bottomed?

Currently, AUD/USD is trading at 0.7256, down -0.01% on the day, having posted a daily high at 0.7282 and low at 0.7240.

AUD/USD continues to move sideways with a bearish bias on the back of a strong greenback and AUD/JPY offers overnight as USD/JPY fails to continue with its northerly trajectory mid week. Oil and copper have dropped back in recent trade with  slightly firmer greenback in the US session. 

In respect of the RBA, it noted earlier in the week within its minutes that it has sought to balance the benefits for the economy of low rates with potential risks to household balance sheets.  "The RBA also 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, adding" Still, AUD is on track to test the May low near 0.7145, and a break below the 0.7200 area sets up a test of the January low near 0.6825.

AUD/USD levels

AUDUSD has bottomed almost exactly at important support

With spot trading at 0.7256, we can see next resistance ahead at 0.7257 (Daily Open), 0.7257 (Hourly 20 EMA), 0.7264 (Yesterday's High), 0.7273 (Daily Classic R1) and 0.7282 (Daily High). Support below can be found at 0.7248 (Daily Classic PP), 0.7247 (Monthly Low), 0.7247 (Weekly Low), 0.7240 (Daily Low) and 0.7232 (Daily Classic S1).