The Australian dollar rallies as the RBA minutes show its commitment to rate hikes. The pair is hovering above May’s lows around 0.6830 as the bulls seek to safeguard the previous rebound. The price saw support at the base of the recent rally over 0.6900. An oversold RSI in this demand zone might have triggered a ‘buy-the-dip’ behaviour. A rally back above 0.7070 would show that the path of least resistance is up and the recent top at 0.7270 could be within reach. A bearish breakout may cause a deeper correction.
