AUD/USD technical picture bearish short-term after neutral RBA minutes - SocGen

Kit Juckes, Research Analyst at Societe Generale, suggests that the RBA Minutes overall are much more neutral.

Key Quotes

“The RBA Minutes have prompted newswire quotes of the final sentence: “Members noted that continued low inflation would provide scope to ease monetary policy further, should that be appropriate to lend support to demand.” 

As RSIs drop back from their recent spike AUD/USD drifts below 0.75, the technical picture looks bearish short-term. We’d still rather short the NZD here than the AUD, remaining long AUD/NZD and short NZD/CAD for now, ahead of the latest milk auction tonight and Q4 current account figures.