On Wednesday, a resurgence of selling pressure on the US Dollar (USD) prompted AUD/USD to regain some composure and partially reclaim ground lost on Tuesday’s steep pullback.
AUD/USD managed to regain some fresh buying interest. The pair’s recovery followed modest losses in the Dollar pre-FOMC. A deeper retracement could see the YTD low near 0.6360 revisited. On Wednesday, a resurgence of selling pressure on the US Dollar prompted AUD/USD to regain some composure and partially reclaim ground lost on Tuesday’s steep pullback.
Given the Fed's commitment to tightening monetary policies and the potential for the RBA to initiate an easing cycle later this year, the prospects for sustained gains in AUD/USD are currently viewed as limited. Additionally, recent Chinese economic data has not provided clear indications of a robust recovery, which is crucial for supporting a significant rebound in the Australian dollar.
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