The 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).
AUD/USD retreated further and broke below the 200-day SMA. The RBA kept its OCR unchanged at 4.35%, as expected. The FOMC will be the next risk event for the Aussie dollar. The constant buying pressure on the US Dollar accelerated the decline of AUD/USD on Tuesday, pushing it below the key 200-day SMA . In doing so, the door is now open to the continuation of the move south, at least in the very near term.
The RBA adjusted its policy guidance from suggesting that another rate hike could be possible to stating that the board is not ruling anything in or out. Consequently, the tone of the RBA statement became more cautious, highlighting that wage growth seems to have reached its peak and that household consumption remains weak due to high inflation and rising interest rates. It's noteworthy that the RBA is still among the last G10 central banks to consider adjusting interest rates.
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