The Australian Dollar is the strongest currency among majors. During today's session Aussie rose 0.55% to 0.7173 against the US Dollar, reaching the highest levels since April 2019. RBA’s Board Minutes presented a unified case for steady economic policy, concluding that there was “no need to adjust the package of policy measures in Australia in the current environment.” Also positive macroeconomic data from Australia boosted market sentiment. Preliminary retail sales figures rose 2.4% month-over-month in June 2020, slowing from a 16.9 % increase in May, while the Melbourne Institute Leading Index, climbed to 0.4% in June 2020 from 0.2% in May. Meantime disagreements over stimulus spending in the US negatively affected the US dollar.
AUDUSD is approaching major resistance at 0.7285 which is additionally strengthened by 200 MA (red line). However if sellers will manage to regain control on the market then local support is located at 0.7060. Source: xStation5
