AUD/USD tries to hold above 0.6400
Updated
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The AUD/USD pair attracted some dips near the 0.6400 circle mark during Tuesday's Asian session and touched a new daily high in the past hour. The pair is currently trading around the 0.6425 area, up less than 0.10% on the day and remaining confined to the familiar range maintained over the past two weeks or so.
On the other hand, the US Dollar (USD) briefly paused from its recent rally to its highest since December 2022 and turned out to be the key factor providing some support to the AUD/USD pair. That said, the Federal Reserve's (Fed) hawkish stance favors the USD's bullish trend, coupled with concerns about the real estate market crisis in China, which will limit real estate investment. any meaningful recovery for the major currency.
This suggests that the path of least resistance for the USD is up, any attempted recovery around the AUD/USD pair is more likely to be shorted
The AUD/USD pair attracted some dips near the 0.6400 circle mark during Tuesday's Asian session and touched a new daily high in the past hour. The pair is currently trading around the 0.6425 area, up less than 0.10% on the day and remaining confined to the familiar range maintained over the past two weeks or so.
On the other hand, the US Dollar (USD) briefly paused from its recent rally to its highest since December 2022 and turned out to be the key factor providing some support to the AUD/USD pair. That said, the Federal Reserve's (Fed) hawkish stance favors the USD's bullish trend, coupled with concerns about the real estate market crisis in China, which will limit real estate investment. any meaningful recovery for the major currency.
This suggests that the path of least resistance for the USD is up, any attempted recovery around the AUD/USD pair is more likely to be shorted
Note
This currency pair continues to decline today according to the trendNote
Note
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