Renewed selling pressure on the US Dollar (USD) prompted AUD/USD to reverse part of the recent weakness and approach the mid-.0.6500s on Monday following two daily pullbacks in a row.
AUD/USD regained balance and flirted with the 200-day SMA. Renewed weakness in the Greenback lent legs to the pair. Further gains appear likely on a close above 0.6550. Renewed selling pressure on the US Dollar prompted AUD/USD to reverse part of the recent weakness and approach the mid-.0.6500s on Monday following two daily pullbacks in a row.
Also adding to the renewed strength in the Aussie dollar came the positive Australian labour market report in February, after the Unemployment Rate declined to 3.7%, and the Employment Change surpassed estimates by 116.5K individuals. Considering the differing timelines for monetary policy adjustments between the RBA and the Fed, the Australian dollar may gain momentum later in the year, potentially leading to further appreciation in AUD/USD. If the pair surpasses the peak of 0.
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AUD/USD Forecast: Next on the downside comes the 2024 lowThe Australian dollar resumed its downward path after a sluggish start to the week, retreating to the area of multi-day lows in the sub-0.6500 region on Wednesday.
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AUD/USD Forecast: Next up-barrier comes at 0.6670The renewed and quite strong selling pressure on the US Dollar (USD) sponsored a sharp U-turn in AUD/USD on Wednesday, causing it to regain the area above the critical 200-day SMA (0.6556).
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AUD/USD Forecast: Immediate target comes at 0.6670The renewed, albeit slight, selling pressure around the US Dollar (USD) encouraged AUD/USD to set aside the last couple of negative sessions and reclaim the area beyond the key 0.6600 barrier on Wednesday.
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AUD/USD Forecast: Some support might come from the RBAThe intense buying pressure in the US Dollar (USD) spurred AUD/USD to accelerate its downward movement, extending the break below the critical 0.6600 support level and flirting with the key 200-day SMA around 0.6560/50 band on Monday.
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AUD/USD Forecast: Some relief could emerge with the FedThe constant buying pressure on the US Dollar (USD) accelerated the decline of AUD/USD on Tuesday, pushing it below the key 200-day SMA (0.6557).
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AUD/USD Forecast: Extra upside appears on the cardsRenewed and robust buying pressure on the US Dollar (USD) spurred a reversal in AUD/USD on Thursday, prompting it to give away initial gains to multi-day peaks in the 0.6630-0.6635 band.
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