The AUDUSD broke through from the upward trendline and the 50% retracement level due to the strength of the DXY overnight.
The RBA monetary policy statement released earlier today did little in terms of price volatility as it reinforced the view that the RBA hiked rates due to the recent increase in inflation growth.
As the AUDUSD currently trades under the 61.8% fib retracement level (0.6365), and further recovery in strength in the DXY is anticipated, look for the AUDUSD to trade down to the key support area of 0.6290.
However, it could be likely that the AUDUSD could first retrace briefly or consolidate along this level before trading lower.
The RBA monetary policy statement released earlier today did little in terms of price volatility as it reinforced the view that the RBA hiked rates due to the recent increase in inflation growth.
As the AUDUSD currently trades under the 61.8% fib retracement level (0.6365), and further recovery in strength in the DXY is anticipated, look for the AUDUSD to trade down to the key support area of 0.6290.
However, it could be likely that the AUDUSD could first retrace briefly or consolidate along this level before trading lower.
