AUD/USD rallies 0.5% as RBA minutes signal prolonged rate pause

AUD/USD has surged 0.5% to 0.6285 following the release of hawkish RBA meeting minutes that reinforced the central bank's commitment to maintaining current interest rates. The minutes revealed board members remain concerned about persistent inflation pressures, with underlying inflation still uncomfortably above the 2-3% target range. RBA officials emphasized they need to see more convincing evidence of inflation moderating before considering rate cuts, contrasting with market expectations of early 2025 easing. The Australian dollar found additional support from improved risk sentiment and steady commodity prices. Technical analysis shows AUD/USD broke above the 0.6250 resistance level, with next target at 0.6320 (50-day moving average). Support has formed at 0.6230. Traders should watch upcoming Australian employment data and Chinese economic indicators as key catalysts for the pair's direction in the near term.