The intense buying pressure in the US Dollar (USD) spurred AUD/USD to accelerate its downward movement, extending the break below the critical 0.6600 support level and flirting with the key 200-day SMA around 0.6560/50 band on Monday.
AUD/USD extended its leg lower and flirted with the 200-day SMA. Extra gains in the dollar kept the AUD depressed. The RBA is seen keeping its policy rate intact at 4.3% on Tuesday. The intense buying pressure in the US Dollar spurred AUD/USD to accelerate its downward movement, extending the break below the critical 0.6600 support level and flirting with the key 200-day SMA around 0.6560/50 band on Monday.
In light of the upcoming Reserve Bank of Australia meeting, the expected cautious approach of the central bank could act as an important contention zone for the AUD, as investors see the bank’s forward guidance to remain unchanged as well as its mention that further rate hikes should not be ruled out. It is worth mentioning that the RBA remains one of the last G10 central banks to consider interest rate adjustments.
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