The strong resumption of the bid bias in the US Dollar (USD) prompted an equally marked retracement in the Aussie dollar and the rest of its risk-related peers, pushing AUD/USD to multi-session lows near 0.6500 on Wednesday.
AUD/USD collapsed to the vicinity of 0.6500. The sharp bounce in the Greenback kept the AUD under pressure. The focus has now shifted to the 2024 low near 0.6480. The strong resumption of the bid bias in the US Dollar prompted an equally marked retracement in the Aussie dollar and the rest of its risk-related peers, pushing AUD/USD to multi-session lows near 0.6500 on Wednesday.
With the Federal Reserve's reinforced stance on maintaining tighter policies over an extended period, accentuated by recent US inflation data, and the anticipation of the RBA beginning an easing cycle later in the year, AUD/USD faces increased potential for extended and intensified downward movements in both the short and medium terms. AUD/USD daily chart AUD/USD short-term technical outlook If sellers remain in control, AUD/USD could fall to the April low of 0.
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