AUD/USD Price Analysis: Consolidates above 0.6800 as investors await RBA minutes

• AUD/USD is oscillating above 0.6800 as the focus shifts to RBA minutes and US Retail Sales data.
• Investors are anxious to know the reasoning behind keeping interest rates unchanged at 4.10% by the RBA.
• AUD/USD has faced selling pressure while attempting to surpass the horizontal resistance plotted around 0.6900.

The AUD/USD pair is demonstrating a back-and-forth action above the round-level support of 0.6800 in the European session. The Aussie asset has turned sideways as investors are awaiting Reserve Bank of Australia (RBA) minutes, which will be published on Tuesday at 01:30 GMT. Investors are anxious to know the reasoning behind keeping interest rates unchanged at 4.10%.

Meanwhile, S&P500 futures have generated some losses in London. Losses in US-500 stocks basket futures indicate caution among market participants as firms have started posting second-quarter results.

After the soft US Consumer Price Index (CPI) and stable labor market, investors are shifting their focus on the United States monthly Retail Sales data, which will also release on Tuesday. Investors are expecting an expansion of 0.5% vs. the prior release of 0.3%. The US Dollar Index (DXY) has frozen below the psychological resistance of 100.00.

AUD/USD has faced selling pressure while attempting to surpass the horizontal resistance plotted from June 15 high at around 0.6900 on a four-hour scale. The Aussie asset has corrected to near the 20-period Exponential Moving Average (EMA) at 0.6816. The short-term trend has turned neutral while the secular-term trend is still positive.

The Relative Strength Index (RSI) (14) has slipped into the 40.00-60.00 range, which indicates that the upside momentum has faded. However, the upside bias is still intact.

Going forward, a recovery move above the intraday high at 0.6854 would expose the asset to the round-level resistance of 0.6900, followed by January 09 high around 0.6950.

In an alternate scenario, a further breakdown below July 13 high at 0.6742 would drag the Aussie asset toward July 06 high around 0.6688. Slippage below the latter would further drag the asset toward July 10 low around 0.6623.

AUD/USD four-hour chart