On November 2, the Reserve Bank of Australia published its Rate Statement. On the announcement, at 03:30 GMT, the AUD/USD increased volatility by bouncing around in a 28 pip range before declining 34 base points. During the seven hours following the announcement, the rate had already lost 64 base points.
At mid-day on Tuesday, the currency exchange rate’s decline had paused at the late October low level zone at 0.7453/0.7458.
If the AUD/USD passes the October low level zone, it could look for support in the 0.7430/0.7440 zone, which has been providing both resistance and support in the past.
A potential recovery of the pair might reach the 0.7500 mark. This level has impacted the rate on its own. However, on Tuesday, the 0.7500 mark was expected to be strengthened by the 55 and 200-hour simple moving averages.
