AUD/USD has reversed directions on Wednesday. In the European session, the pair is trading at 0.6817, down 0.11% on the day. There are no Australian events on the schedule.
Aussie Gains Ground After RBA Minutes
The Australian dollar hasn’t had much to smile about in November, as AUD/USD has fallen 1 percent. However, AUD/USD showed gains on Tuesday, following the RBA minutes. Policymakers confirmed that they were taking a pause from rate cuts, as there was a case to wait and assess the effects” of the recent rate cuts. Nevertheless, policymakers were “prepared to ease monetary policy further if needed”, a sign that the RBA could resume the rate trimming early next year.
AUD/USD Technical Analysis
AUD to USD broke above resistance at 0.6807 on Tuesday and is currently trading just above this line. Above, we find resistance is at the round number of 0.6900. This line marked the start of a slide for the pair in early November. On the downside, there is support at 0.6770.
USD/CNY is almost unchanged for a second straight day. In Wednesday’s European session, the pair is trading at 7.0310, up 0.07% on the day. There are Chinese events on the schedule.
USD/CNY Technical Analysis
USD to CNY remains range-bound, but the pair has been inching higher, which has weakened resistance at 7.0400. The 50-EMA, which has acted as resistance since mid-October, is at 7.0497. On the downside, there is support at the symbolic line of 7.000. Below, we find support at 6.9735.
NZD/USD has lost ground on Wednesday, after posting considerable gains on Tuesday. In the European session, the pair is trading at 0.6417, down 0.23% on the day. There are no New Zealand indicators on the calendar.
NZD/USD Technical Analysis
NZD/USD tested resistance at 0.6420 on Tuesday and this line remains fluid at the time of writing. Above, we find resistance at 0.6490, protecting the round number of 0.6500. On the downside, NZD to USD has support from the 50-EMA line, which is at 0.6376. Close by, there is support at 0.6357. This is followed by support at the round number of 63.00.
This article was originally posted on FX Empire
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