AUD/USD Price Analysis: Teases 0.7360-65 hurdle on RBA Minutes, focus on Gov. Lowe’s speech

• AUD/USD remains sidelined as RBA Minutes reiterate no rate hike until 2024.
• Convergence of 100, 50-DMA guard immediate upside, bears need validation from 61.8% Fibonacci retracement.
• Bearish MACD signals, descending Momentum line keep sellers hopeful.

AUD/USD picks up bids to refresh intraday top around 0.7355, up 0.13% on a day, following the releases of the RBA Meeting Minutes during Tuesday’s Asian session. That said, traders await RBA Governor Philip Lowe’s speech, around 02:30 AM GMT, for fresh clues.

Read: RBA Minutes: Prepared to be patient until wage and inflation targets are met

Even so, the quote remains below the 100-DMA and 50-DMA confluence near 0.7360-65 with the bearish MACD signals and downward sloping Momentum line teasing the sellers.

The expected pullback moves may initially test the 50% Fibonacci retracement (Fibo.) level of August-October upside, around 0.7330, before challenging the recent swing lows around 61.8% Fibo. level of 0.7277.

While the 0.7300 threshold will offer an intermediate halt during the fall, September’s low surrounding 0.7170 can please the AUD/USD bears past 0.7277.

Meanwhile, a daily closing beyond the 0.7365 hurdle could propel the quote towards a convergence of the October 22 low and 23.6% Fibonacci retracement level near 0.7450.

Following that, September’s high of 0.7478 and the 0.7500 round figure can challenge the AUD/USD bulls before directing them to the previous month’s top of 0.7557.

AUD/USD: Daily chart

Trend: Further weakness expected