The Australian dollar struggles to keep the high ground following the RBA’s dovish meeting minutes overnight.
The Aussie has come under pressure in the major supply area between 0.7800 and 0.7850. The RSI’s repeated indication of an overbought situation may keep the price action subdued. 0.7700 is the immediate support to test buyers’ commitment.
On the upside, a breakout would see a pick up in the bullish momentum and open the door to last February’s high at 0.8000.
