AUD/USD extended its bullish impulse for the fifth consecutive day, successfully revisiting the 0.6750 region and clinching new five-week highs on Wednesday.
AUD/USD traded in an inconclusive fashion near 0.6760. Extra gains in the pair came in response to further USD selling. Investors’ attention now shifts to flash PMIs due on Thursday. In the meantime, the ongoing leg higher remains underpinned by the recent break above the critical 200-day SMA at 0.6604, which shifted the outlook for AUD/USD to a constructive one, thus supporting a continuation of the uptrend in the near term.
However, members ultimately decided that maintaining the current cash rate target was the stronger position. They also agreed that a reduction in the cash rate target was unlikely in the near term, though future changes to the rate target could not be definitively ruled out. Overall, the RBA is expected to be the last among the G10 central banks to begin cutting interest rates.
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