FxWirePro: AUD/USD poised for further downside, dovish RBA expectations and USD strength weigh

Chart - Courtesy Trading View 

AUD/USD was trading 0.06% lower on the day at 0.7220 at around 06:55 GMT, extending downside for the 3rd straight session.

The Australian dollar, which has also been dragged by 

Perceptions of a dovish Reserve Bank of Australia (RBA) and broad-based USD strength likely to drag the pair lower.

US President Joe Biden reappointed Federal Reserve Chair Jerome Powell for a second term, strengthening bets for interest rate hikes. 

Mixed PMIs from the Commonwealth Bank of Australia joined comments from RBA's Marion Kohler, to keep the Aussie depressed.

Further, fears of fresh US-China tussles as the US warships again sail on the sensitive Taiwan Strait on Tuesday dent investor sentiment.

Technical indicators for the pair support weakness. Momentum is strongly bearish. Volatility is high and rising. 

Price action is below cloud and major moving averages and breach below major trendline support has added to the downside bias.

Market focus now on preliminary US PMIs for November ahead of Wednesday’s FOMC Minutes for fresh impetus.