The Australian Dollar (AUD) retraces its recent losses on Thursday, buoyed by a hawkish outlook from the Reserve Bank of Australia (RBA) concerning interest rates.
The Australia n Dollar rises as the RBA intends to maintain a restrictive monetary policy. The RBA Meeting Minutes indicated that the board remains vigilant about the potential for further inflation. The US Dollar may appreciate due to cautious remarks from Fed officials. The Australia n Dollar retraces its recent losses on Thursday, buoyed by a hawkish outlook from the Reserve Bank of Australia concerning interest rates.
Technical analysis of the daily chart indicates a continued decline within a descending channel pattern, signaling a bearish outlook. The 14-day Relative Strength Index is below 50, further supporting the prevailing bearish sentiment. For support, the AUD/USD pair may approach the lower boundary of the descending channel at 0.6370, followed by its yearly low of 0.6348, recorded on August 5. On the upside, the AUD/USD pair tests the nine-day EMA at 0.6519, followed by the 14-day EMA at 0.6536.
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