The Aussie dollar found another excuse to extend the weekly bounce in the continuation of the downward bias in the greenback on Wednesday.
AUD/USD rose further and flirted with the 100-day SMA near 0.6630. The selling pressure in the greenback favoured extra gains. Investors continued to assess the latest hawkish hold by the RBA. In fact, the US dollar gave away further gains after hitting a new yearly high north of the 104.00 barrier when tracked by the USD Index earlier in the week, all amidst further investors’ repricing of a potential interest rate cut by the Federal Reserve either in May or June.
Furthermore, Governor Bullock departed from the expected move towards a dovish stance and underscored the incomplete nature of addressing inflation, emphasizing that the current inflation rate is considered unacceptably high. Also undermining the pair’s upside potential were the persistent downtrend in iron ore and the rapid resumption of the selling bias in copper prices. AUD/USD daily chart AUD/USD short-term technical outlook Further losses in AUD/USD should clear its 2024 level of 0.
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