(MENAFN- FxPro) The Australian dollar slid lower against its U.S. counterpart on Tuesday, after the Reserve Bank of Australia signaled the possibility of future rate cuts and as the greenback slightly recovered from the previous session's downbeat U.S. data.
AUD/USD hit 0.7734 during late Asian trade, the session low; the pair subsequently consolidated at 0.7746, shedding 0.24%.
The pair was likely to find support at 0.7703, Monday's low and resistance at 0.7793, the high of June 11.
In the minutes of its June policy meeting, the RBA reaffirmed that it would consider further cuts if necessary.
In a speech last week, RBA Governor Glenn Stevens had said that any further rate cuts would have only limited impact on economic activity, and that it was up to governments and business to boost the economy.
The minutes also said that the Australian dollar needs "further depreciation."
Meanwhile, the greenback found support despite data on Monday showing that U.S. industrial production fell unexpectedly last month.
Market participants were looking ahead to the outcome of the Federal Reserve's latest policy meeting on Wednesday for a clear signal on when it could start to raise interest rates.
The Aussie was lower against the euro, with EUR/AUD climbing 0.46% to 1.4596.
Later in the day, the U.S. was to release data on housing starts and building permits.
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