AUD/USD remains sidelined near 0.6620 while portraying the pre-RBA anxiety among Forex traders. Also challenging the risk-barometer pair is the mixed sentiment surrounding the Federal Reserve’s (Fed) next move and the US-China ties, as well as a light calendar and absence of Fed talks ahead of the next weekly FOMC monetary policy meeting.
That said, the RBA is likely to trouble momentum traders as most analysts on the table anticipate no rate change. However, the economic forecasts and talks surrounding the policy pivot rate will be crucial to watch for the Aussie pair traders to watch for clear directions.
Should the RBA shows readiness to extend the rate hike trajectory, or surprises the markets by doing the same in today’s RBA Rate Statement, the AUD/USD may have a further upside to trace. Until then, the AUD/USD may remain on the bear’s radar.
Technically, AUD/USD rebounds from the support line of a falling wedge established in late December 2022, as well as stays beyond the 61.8% Fibonacci retracement of October 2022 to February 2023, which in turn joins upbeat oscillators to favor the Aussie pair buyers. With this, the quote is all set to confront a convergence of the 50% Fibonacci retracement level and the 50-DMA, around 0.6660.
Key quotes
AUD/USD portrays pre-RBA anxiety above 0.6600, ignores upbeat Aussie data
AUD/USD Price Analysis: Bulls eye 0.6660 resistance confluence and RBA Interest Rate Decision
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