AUD/USD, H4 13 March 2024
The Australian dollar, while experiencing a slight retreat from its recent bullish momentum against the U.S. dollar, continues to follow an upward trajectory in the AUD/USD pair. Traders are carefully positioning themselves ahead of the Reserve Bank of Australia (RBA) interest rate decision scheduled for next week. Market expectations lean towards the RBA adopting a relatively hawkish stance, considering Australia's high inflation rate and stable GDP growth.
The AUD/USD pair has found support and traded sideways after easing slightly from its recent peak. Suggesting the bullish momentum is easing.
Resistance level: 0.6617, 0.6660📉
Support level: 0.6560, 0.6535📈
The Australian dollar, while experiencing a slight retreat from its recent bullish momentum against the U.S. dollar, continues to follow an upward trajectory in the AUD/USD pair. Traders are carefully positioning themselves ahead of the Reserve Bank of Australia (RBA) interest rate decision scheduled for next week. Market expectations lean towards the RBA adopting a relatively hawkish stance, considering Australia's high inflation rate and stable GDP growth.
The AUD/USD pair has found support and traded sideways after easing slightly from its recent peak. Suggesting the bullish momentum is easing.
Resistance level: 0.6617, 0.6660📉
Support level: 0.6560, 0.6535📈