The Australian Dollar (AUD) gains ground due to the hawkish outlook surrounding the Reserve Bank of Australia (RBA).
The Australia n Dollar appreciates as the RBA is widely expected to maintain its hawkish policy stance in November. The commodity-linked AUD receives support from stimulus measures in China, Australia ’s largest trading partner. The risk-sensitive AUD/USD pair could struggle as US President Biden stated that Israel could strike Iran's Oil infrastructure. The Australia n Dollar gains ground due to the hawkish outlook surrounding the Reserve Bank of Australia .
Regarding resistance, the pair could test the immediate nine-day Exponential Moving Average at 0.6857 level, followed by the lower boundary of the ascending channel at 0.6910 level. A return to the ascending channel would reinforce the bullish bias and support the AUD/USD pair to explore the area around the channel's upper boundary, at the 0.7040 level. On the downside, the AUD/USD pair could target a psychological level of 0.6800.
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