Monday witnessed renewed selling pressure on the US Dollar (USD), prompting AUD/USD to maintain its upward momentum for the second week in a row and briefly poke with the provisional 100-day SMA in the 0.6580-0.6585 band, or three-week tops.
AUD/USD flirted with the 100-day SMA near 0.6580. The Greenback remained on the back foot and bolstered the pair. Extra gains in the commodity space also sustained the sharp uptick. Monday witnessed renewed selling pressure on the US Dollar , prompting AUD/USD to maintain its upward momentum for the second week in a row and briefly poke with the provisional 100-day SMA in the 0.6580-0.6585 band, or three-week tops.
Furthermore, both the RBA and the Fed are anticipated to commence their easing cycles later than most of their G10 counterparts. Given the Fed's determined stance on tightening monetary policies and the potential for the RBA to initiate an easing cycle later this year, the likelihood of sustained AUD/USD gains is considered limited for the time being.
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