Thursday saw renewed selling interest in the US Dollar (USD), motivating AUD/USD to keep its weekly uptrend well in place and briefly surpassing the critical 200-day SMA around 0.6530.
AUD/USD extended its optimism beyond 0.6500. The selling pressure in the Dollar helped the pair. Further gains look likely above the 200-day SMA. Thursday saw renewed selling interest in the US Dollar , motivating AUD/USD to keep its weekly uptrend well in place and briefly surpassing the critical 200-day SMA around 0.6530.
With the Fed's resolute stance on tightening monetary policies and the potential for the RBA to commence an easing cycle later this year, the likelihood of sustained gains in AUD/USD is seen as limited for the time being. Additionally, recent Chinese economic data hasn't strongly signalled a lasting recovery, which is necessary to underpin a significant rebound in the Australian dollar.
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