AUD/USD retreats from the highest levels in five weeks while refreshing the intraday low near 0.6770. In doing so, the Aussie pair portrays the pre-RBA anxiety among traders. Also challenging the risk-barometer pair are the fears of EU-Russia tussles and the US-China tension, not to forget the market’s consolidation of the week-start moves amid a light calendar ahead of the RBA Interest Rate Decision.
That said, the RBA is likely to trouble trades even if it manages to announce a 0.25% rate hike, which also is less expected, as the recently softer data and a shift in the RBA’s tone join macro inflation woes.
Should the RBA shows readiness to pause the rate hike trajectory from the next meeting, or surprises the markets by doing the same in today’s RBA Rate Statement, the AUD/USD may have a further downside to trace.
Technically, a convergence of the 200-day EMA and an upward-sloping resistance line from mid-March, around 0.6820 by the press time, appears a tough nut to crack for the AUD/USD buyers.
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