Investing.com – The Australian dollar declined against its U.S. counterpart on Tuesday, after the minutes of the Reserve Bank of Australia suggested a possible rate cut in the near future and as the greenback remained broadly supported.
AUD/USD hit 0.7683 during late Asian trade, the pair’s lowest since April 16; the pair subsequently consolidated at 0.7695, sliding 0.38%.
The pair was likely to find support at 0.7567, the low of April 15 and resistance at 0.7825, the high of April 16.
In the minutes of its April policy meeting, the RBA said “it was appropriate to hold interest rates steady for the time being” but added that “further easing of policy may be appropriate over the period ahead” to bolster growth.
Meanwhile, the greenback regained ground after a recent string of soft economic data dampened optimism on the U.S. recovery, adding to uncertainty over the timing of a rate hike.
The Aussie was higher against the euro, with EUR/AUD edging down 0.13% to 1.3380.