AUD/USD: The Australian dollar plunged to a 2-week low after the Reserve Bank of Australia’s Governor Philip Lowe stated that the central bank was strongly committed to returning inflation to the target range, as the government considers a review of the monetary policy framework. The Australian Financial Review reported that the country’s newly re-elected Liberal-National government is reviewing the RBA’s long-term inflation target of 2 percent -3 percent, but any changes are expected to be minor. The Aussie trades 0.2 percent down at 0.6966, having hit a low of 0.6965 earlier, it’s lowest since July 11. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6953 (July 11 Low), a break below targets 0.6910 (July 10 Low). On the upside, resistance is located at 0.7001 (21-DMA), a break above could take it near 0.7047 (July 4 High).
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