The post Australian Dollar pulls back from weekly high as USD rebounds appeared on BitcoinEthereumNews.com.

AUD/USD declined by 0.64% to 0.6494 on Wednesday. The US Dollar strengthened due to geopolitical concerns and higher US yields. A hawkish RBA might limit the downside for the pair. The AUD/USD declined by 0.64% to 0.6495 on Wednesday. The decline came after the pair touched a one-week high earlier in the session. The move lower was likely driven by a combination of factors, including a rebound in US bond yields that made the US Dollar Index (DXY) rise to yearly highs around 107.00. That being said, the AUD/USD pair has a slight recovery, supported by hawkish Reserve Bank of Australia (RBA) Minutes and a consolidating US Dollar. The RBA indicated potential future rate adjustments, providing support to the Aussie. Despite these positive factors, AUD/USD faces challenges due to weak Australian and Chinese economic data. Daily digest market movers: Australian Dollar tumbles as USD demand surges amid hawkish Federal Reserve bets. The RBA’s hawkish stance may offer temporary support, but the bearish trend persists. The latest Minutes showed that the bank members are considering both rate hikes and rate cuts in the near term. The USD regained upside traction amid easing geopolitical concerns and mixed US yields. The Federal Reserve’s reluctance to cut interest rates in December weakened the USD and weighed on equities globally. In that sense, the CME FedWatch Tool suggests a near 60% chance of a rate cut in the meeting next month after being nearly priced in, which helped the USD recover in the last few sessions. AUD/USD technical outlook: Pair reversed Tuesday’s gains, and the indicators fell deeper into negative territory The AUD/USD pair resumed its decline on Wednesday, erasing most of Tuesday’s gains as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators remained firmly in negative territory. The RSI…

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Filed under: News - @ November 20, 2024 10:25 pm