The AUD/USD pair extends its sideways consolidative price move during the Asian session on Tuesday and remains confined in a familiar trading range he
ld over the past week or so. Spot prices hold steady around the 0.6435-0.6430 area and move little following the release of the Reserve Bank of Australia SeptemberThe Australian central bank did consider raising rates by 25 bps, though the case to hold was stronger as the recent data did not materially alter the economic. The minutes further revealed that the RBA remains ready to tighten further should inflation prove more persistent than expected.
The US Dollar , on the other hand, remains on the defensive below a six-month peak touched last week and is seen lending some support to the AUD/USD pair. Traders also seem reluctant to place aggressive directional bets and prefer to wait on the sidelines ahead of this week's key central bank rate decisions, including the Federal Reserve .
This, in turn, will play a key role in influencing the near-term USD price dynamics and provide a fresh directional impetus to. In the meantime, hawkish Fed expectations remain supportive of elevated US Treasury bond yields and favour the USD bulls, suggesting that the path of least resistance for spot prices is to the downside. This, in turn, suggests that any meaningful appreciating move might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly.
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