AUD/USD Forecast: More losses likely while under 0.6500 – by MSalordFX AUDUSD Currencies Majors
The US Dollar remains strong support by higher US Yields. AUD/USD
pair bottomed on Monday at 0.6454, reaching the lowest intraday level since November. It then rebounded toward 0.6500. However, the pair remains under pressure due to the strength of the US Dollar. Tuesday is expected to be a busy day, with importantOn Tuesday, the Reserve Bank of Australia will release the meeting minutes. No surprises are expected. In that meeting, the RBA decided to keep the key interest rate unchanged at 4.10% to assess the impact of monetary tightening and the.
The US Dollar peaked on Monday at monthly highs and then the rally lost momentum. Following last week's data, market participants anticipate that the Federal Reserve will not raise interest rates further. However, the US Dollar holds firm. The performance of the US economy remains one of the key drivers. On Tuesday, US Retail Sales figures are scheduled to be released.
If market sentiment improves, the Aussie could benefit. However, an upbeat report from the US could reignite the Greenback's rally. It is worth noting that the US Dollar has been strengthening for more than a week and may require additional catalysts to sustain its upward trend.The AUD/USD dropped for the fifth consecutive day on Monday. However, it finished far from the highs, indicating a potential for consolidation in the coming hours.
On the 4-hour chart, the pair is trading in a range between 0.6450 and 0.6500. The support at 0.6450 has been tested twice and held. A break below this level could trigger a bearish acceleration targeting the 0.6400 area. Currently, technical indicators do not strongly suggest more losses, but there are also no signs of a bullish correction. A move above 0.6500 would alleviate the bearish pressure. A dynamic resistance is anticipated at 0.6555.
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