Results for: AUD/USD

The AUD/USD currency pair experienced a decline at the start of the week, driven by a strengthening US dollar. The market awaits key US employment data this Friday, which could influence the Federal Reserve’s future interest rate decisions. Meanwhile, the Australian economy continues to face challenges, with high loan servicing costs and subdued demand impacting its manufacturing sector. The Reserve Bank of Australia (RBA) maintains a restrictive monetary policy stance due to persistent inflation.

The Australian dollar has been gaining strength against the US dollar, driven by persistent inflation in Australia and the Reserve Bank of Australia’s (RBA) cautious approach to monetary policy. Technical analysis suggests a potential for further gains in the near term, but also highlights the possibility of a downward correction.

AUD/USD buyers are attempting to push the price back towards the 200-day moving average at 0.6526. However, the price movement is capped by this key technical level and the 61.8 Fib retracement level at 0.6536. Buyers need confirmation from today’s and tomorrow’s data to solidify their convictions. If they can break through the 200-day moving average, it could give them more momentum to push the price to the 100-day moving average next.