The meeting minutes from the recent rate decision by the RBA show that the central bank is still concerned with the high value of the Australian dollar.
The minutes did not provide any huge news, but were enough to limit any gains by the Aussie.
Glenn Stevens and his colleagues also left the door open to future rate cuts. They decided not to signal an intent to imminently reduce rates, but also not to close off this option.
Here is how it looks on the chart:
The Australian dollar reacted with a drop, with AUD/USD slipping under 0.93. As the USD began retreating in the European session, the Australian dollar recovered, but it seems clearer that the pair will find it hard to recapture high resistance at 0.9344, and that the break above this line was only a false one.
For more on the Aussie, see the AUDUSD forecast
