The Australian Dollar benefited from the better tone of equities at the beginning of the week, posting modest gains against its American rival.
AUD/USD Current Price: 0.6538 Trading was choppy at the beginning of the week amid holidays in America. The Reserve Bank of Australia will publish the Minutes of its latest meeting. AUD/USD maintains its positive tone, aims to test the 0.6610 resistance level. AUD/USD traded as high as 0.6551, standing a handful of pips below the level ahead of the Asian opening.
Meanwhile, the People’s Bank of China will announce its decision on Interest rates. The PBOC fixes the Loan Prime Rate every month. AUD/USD short-term technical outlook The AUD/USD pair trades just below the 23.6% Fibonacci retracement of its latest daily slump measured between 0.6871 and 0.6442 at 0.6542. The 38.2% retracement of the mentioned decline comes at 0.6610, with a break above it required for a steeper recovery.
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