The Australian Dollar (AUD) retraces its recent losses against the US Dollar (USD) on Thursday.
The Australia n Dollar gains ground as the RBA and Fed adopt different policy outlooks. The Reserve Bank of Australia is highly expected to keep interest rates unchanged in the near future. The US Federal Reserve may deliver more rate cuts by the end of this year. The Australia n Dollar retraces its recent losses against the US Dollar on Thursday. The AUD/USD pair receives support from the divergent monetary policy outlooks between the two central banks.
A return to the ascending channel would reinforce the bullish bias and lead the pair to approach the upper boundary of the ascending channel, around the 0.6960 level. On the downside, the AUD/USD pair could find support at the nine-day Exponential Moving Average at 0.6809 level. The next significant support is at the psychological level of 0.6700. A break below this level could push the pair further down toward its six-week low of 0.6622.
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