The Australian Dollar (AUD) has strengthened against the US Dollar at the start of the week, driven primarily by the Reserve Bank of Australia’s (RBA) ongoing hawkish stance. Despite mixed economic conditions, the RBA’s commitment to maintaining higher interest rates for an extended period has differentiated the Australian Dollar from its peers.
The softer US Dollar, influenced by a quiet trading environment and expectations of Federal Reserve rate cuts, has further supported the AUD/USD pair’s upward trajectory.
Technical Outlook
The AUD/USD pair is exhibiting bullish momentum, with technical indicators suggesting a potential continuation of the uptrend. The RSI is indicating strong buying interest, while the MACD is confirming the bullish bias.
Immediate resistance is anticipated around the 0.6750 level, while support lies at 0.6730, 0.6715, and 0.6700. A decisive break above the 0.6750 level could open the door for further gains.
