Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.29% lower on the day at 0.6765 at around 05:35 GMT
Previous Week's High/ Low: 0.6737/ 0.6633
Previous Session's High/ Low: 0.6790/ 0.6650
Fundamental Overview:
Aussie under pressure after RBA pauses rate hikes, AUD/USD grinds lower from fresh multi-week highs at 0.6793.
The Reserve Bank of Australia (RBA) on Tuesday left its cash rate unchanged at 3.60%, as widely expected.
Policymakers said additional time was needed to "assess the impact of the increase in interest rates to date and the economic outlook".
On the other side, U.S. dollar regained some of the ground lost when data showed a slump in U.S. manufacturing activity last month.
Technical Analysis:
- AUD/USD consolidates above 200-DMA
- MACD and ADX support upside in the pair
- GMMA indicator shows major and minor trend are neutral
- Momentum is bullish and volatility is high
Major Support and Resistance Levels:
Support - 0.6748 (200-DMA), Resistance - 0.6802 (20-week MA)
Summary: AUD/USD close above 200-DMA on Monday's trade keeps scope for further gains. Scope for test of 20-week MA at 0.6802. Retrace below 200-DMA negates any further gains.
