AUD/USD stuck between 0.76-0.77

The release of the RBA Minutes showed that the low rates will be maintained a while longer. The bad figures in Q3 GDP,  lower than expected consumption growth and the inflation expectations raised doubts over the appreciation of the national currency that might cause difficulties to economic transition. Amid those concerns the AUD/USD pair today is holding within the well know tight range between 0.76 – 0.77. Looking at the four-hour time frame, the price is trying to move above the 20-day SMA, which has turned into bearish mode. Meanwhile the 100-day SMA is acting as a dynamic support. Technical indicators have recovers from oversold readings. RSI is slightly above mid-lines, but is loosing strength and Stochastic is showing strong bullish momentum. So far there is nothing sure to confirm bullishness. The key resistance at 0.77 is being long term lived and as long as holding above 0.76, the down slide remains unlikely.