AUD/USD encountered extra selling pressure on Tuesday, testing the 0.6700 support level once again.
AUD/USD added to Monday’s decline and challenged the 0.6700 zone. The US Dollar navigated an inconclusive session just below recent tops. Steady scepticism around Chinese stimulus weighed on traders’ sentiment. This key area remains bolstered by the provisional 100-day SMA. The continuing bearish momentum for the Australia n Dollar came on the back of an irresolute price action in the US Dollar .
The release of the RBA’s meeting minutes indicated a shift toward a more dovish stance, walking back the guidance from August that suggested rates would remain stable in the near term. Market sentiment currently reflects a 55% probability of a 25 basis point rate cut by year-end, with the RBA expected to be among the last G10 central banks to reduce rates, likely responding to slowing economic growth and easing inflation pressures.
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