AUD/USD: awaits RBA minutes while in positive territory

Currently, AUD/USD is trading at 0.7589, down -0.02% on the day, having posted a daily high at 0.7594 and low at 0.7586.

Forex today: dollar corrects in an improved risk-on session

AUD/USD reclaimed the 0.76 handle overnight in a positive environment for the commodity sector with risk sentiment improving throughout the US session.  However, commodity currencies saw net selling for the sixth straight week, by a total of USD1.1bn according to the latest CFTC data where nNet AUD longs were reduced by USD0.7bn to USD2.9bn, the lowest in four weeks. Meanwhile, the daily close above the 20-day moving average is positive for the sessions ahead with plenty of short positions to cover. The latest data that was upbeat Chinese could support the pair on the periphery, but the main event comes in the minutes of the Reserve Bank of Australia's last meeting. 

AUD/USD levels

AUDUSD: Trading up to a high of 0.7610

A breach of the 0.7604 level in the session ahead with a close into European trading opens up the possibility of a retest of the 29th March highs of 0.7680. To the downside, 7538 and the 200-d sma guard the 0.7492 March low. "This is the breakdown point to the 2016-2017 uptrend at .7267 and the bottom of the 16-month range," according to analysts at Commerzbank.