The AUD/USD pair attracts some dip-buying near the 0.6440 area or a four-day low touched during the Asian session on Monday and stalls last week's mod
Bets for one more Fed rate hike in 2023 cap the pair ahead of the RBA on Tuesday.The AUD/USD pair
attracts some dip-buying near the 0.6440 area or a four-day low touched during the Asian session on Monday and stalls last week's modest pullback from the 0.6520 region, or its highest level since August 11. Spot prices currently trade near the 0.6465 zone, up just over 0.10% for the day, and draw support from subdued US Dollar price action.unchanged at its September meeting and fails to assist the USD to capitalize on Friday's strong move up closer to the August monthly swing high.
From a technical perspective, the AUD/USD pair's recent bounce from the 0.6365 area, or the YTD low touched in August, has been along an upward-sloping channel. Against the backdrop of a sharp downfall from the double-top resistance near the 0.6900 mark, this constitutes the formation of a bearish flag pattern on hourly charts. Moreover, oscillators on the daily chart - though have managed to recover from lower levels - are still holding in the negative territory.
Meanwhile, the 200-hour Simple Moving Average , currently pegged around the mid-0.6400s, is likely to act as a pivotal point for intraday traders. Acceptance below will expose the trend-channel support near the 0.6400 mark, which if broken decisively will mark a fresh breakdown and pave the way for deeper losses. The AUD/USD pair might then accelerate the slide back towards the YTD low, around the 0.6365 region, before eventually dropping to the 0.6300 round figure.
On the flip side, the 0.6500 psychological mark now seems to act as an immediate hurdle ahead of the top end of the aforementioned channel, around the 0.6520-0.6525 region. A convincing breakthrough will negate the bearish setup and prompt an aggressive short-covering move. The AUD/USD pair might then aim to reclaim the 0.6500 round figure. Some follow-through buying beyond and testing the 0.6510-0.
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