Tuesday saw a resurgence of buying pressure on the US Dollar (USD), which kept AUD/USD on the defensive, prompting it to retreat after six consecutive daily gains, including a move to three-week highs around 0.6580 on April 29.
AUD/USD came under strong selling pressure. The US Dollar regained traction and weighed on the pair. The corrective move in the commodities also kept AUD offered. Tuesday saw a resurgence of buying pressure on the US Dollar , which kept AUD/USD on the defensive, prompting it to retreat after six consecutive daily gains, including a move to three-week highs around 0.6580 on April 29.
Furthermore, both the RBA and the Federal Reserve are expected to begin their easing cycles later than most of their G10 counterparts. Considering the Fed's commitment to 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 deemed limited at present.
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