AUD/USD extended its pronounced multi-day retracement, breaking below the 0.6600 level and flirting with the critical 200-day SMA in the vicinity of 0.6580 on Wednesday.
AUD/USD accelerated its decline below 0.6600. Chinese concerns and weak commodities took a toll on AUD. Extra losses appear on the cards below the 200-day SMA. So far, AUD/USD has fully reversed its monthly rally, always on the back of poor economic prospects from China, falling commodity prices, occasional strength in the US Dollar , and the recent interest rate cut by the People’s Bank of China .
The RBA is in no rush to ease policy, anticipating that it will take time for inflation to consistently fall within the 2-3% target range. Potential easing by the Federal Reserve in the medium term, contrasted with the RBA’s likely prolonged restrictive stance, could support AUD/USD in the coming months.
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