Audusd Trades High

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Audusd Trades High

Aud/Usd Trades Near 0.6500, Rba Governor'S Presser Eyed

AUD/USD is holding on to its gains near the 0.6500 handle. If we look at the recent price action, AUD/USD remains little changed after the RBA's decision not to change the interest rate on Tuesday.

Now, the AUD/USD traders have shifted their focus on the presser from the RBA governor Bullock. The governor is expected to talk about inflation, the job market, and the interest rate outlook.

Aud/Usd Trades Below 200 Sma

If the AUD/USD turns down from here, the most probable support will be around 0.6347 which is the bottom of the year 2024. After that, the next low will be at 0.6270 which is the low from 2023.

Another scenario is that bulls continue to lift AUD/USD higher. In that case, the first resistance will be 0.6591 where the 200 SMA is located. After that, the next dynamic resistance level is 0.6601 and then 0.6645 where the 100 and the 55 SMA are present.

However, the AUD/USD is expected to go through additional retracements as long as trades below the 200 SMA on the D1 chart.

The H4 chart of AUD/USD shows that the negative bias remains the dominant theme for now. However, the next support is around 06347, followed by 0.6338. A break of these two levels will open the next target around 0.6270.

On the way up, the first hurdle is near 0.6559, while the next one is seen around 0.6610. Finally, 0.6654 is also an important level at which the 200 SMA is located.

RSI which is a popular momentum indicator is printing a value of 45. This is a sign that the overall momentum is still tilted toward the downside.

In the short term, the momentum favors the AUD/USD bears, but that will only last as long as the pair trades below the 200 SMA.

As for the RBA's monetary policy, experts believe that it will be the last central bank among its G10 peers to cut rates. Right now, the RBA is showing no rush when it comes to policy easing, which means that the deflation process will likely take longer.

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