AUD/USD: upside down for good, atleast ahead of Brexit?

AUD/USD is tailing off from the highs made after the latest RBA Minutes proved the bank to be on hold for the foreseeable future.

The RBA is betting on the basis that the economy will continue to grow and inflation will be on track towards their target in some given time. This gave way to the bulls case until 0.7512. However, the spike was shortlived and we were soon back on the offer to 0.7446 lows overnight. Some stability has come back into the commodity sector though that supports the Aussie with Oil back on $50.00 bbls, despite a bid in the greenback on safe-haven flows. 

Today, the ORB's gave its final poll results, Remain 54%, Leave 46%.

Brexit: cash in on the dead end at least?

For the calendar, we are short of impetus from here until Yellen's extended testimony and the Brexit vote with results of final polls coming in quite equal, albeit with a slight bias to the stay campaign.

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the technical indicators have resumed their advances within positive territory and after correcting overbought readings, whilst the 20 SMA heads sharply higher below the current level, now around 0.7430. "Above the mentioned daily high, the rally can extend up to 0.7540, a strong static resistance level, with an advance beyond this last pointing for a steeper recovery up to 0.7834, this year's high."