AUD/USD Falls Through Support

The Australian dollar fell after the RBA minutes tempered the taper optimism amid COVID-19 restrictions.

The pair has been under pressure at the 20-day moving average. The drop below 0.7290 may have resumed the downtrend after a four-week-long consolidation.

Strong bearish momentum is an indication of high turnover between buyers bailing out and sellers piling in. 0.7170 would be the next target. The key resistance at 0.7340 will likely cap a limited rebound, while the RSI climbs from the oversold area.

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