Australian dollar hit a 25-year high against the U.S. dollar after minutes of the Reserve Bank of Australia's July meeting showed the central bank remained concerned about inflation, suggesting it will likely keep rates at a 12-year high and may even hike again.
Tech Outlook:
AUD chart pattern indicates the currency to be on bull note . With the trading range expected between 0.9697-0.9780 levels. Support for the currency is seen at 0.9690 levels and resistance is seen at 0.9790 levels for the day. Momentum and stochastic are signaling towards bullish movement for the day. Moving averages are also giving bullish crossovers .
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