The AUD/USD suffered significant losses in Tuesday's session, reaching a daily low near 0.6400 with a decline of 1.05% and then stabilising around 0.6420.
The AUD/USD declined to a low near 0.6400, seeing 1.05% losses Despite the hiking by 25 bps the AUD failed to gain momentum Indicators on the daily chart are starting to favour the bears. The Reserve Bank of Australia hiked rates by 25 bps to 4.35% and left the door open to further increases, but the USD strength is pushing the pair downwards.
Furthermore, the pair is above the 20-day Simple Moving Average but below the 100 and 200-day SMAs, suggesting that the bears are in control of the larger context while bulls are still resilient, holding some momentum in the shorter time frame. Indicators on the four-hour chart turned somewhat flat after sharply declining during the Asian session, indicating that the pair may face a consolidation in the short term. Supports: 0.6400, 0.6365 , 0.6350. Resistances: 0.6440, 0.6460, 0.6500 .
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