Wed, Feb 01, 2023 @ 00:31 GMT

AUD/USD Consolidates

The Australian dollar steadied after the RBA minutes hinted at a slowdown in hikes. A lack of support for the recent rebound is a sign that the bulls struggle to hold onto their gains. A drop below the daily support at 0.6680 may have prompted the last buyers to bail out and resumed the downtrend in the medium-term. 0.6600 from May 2020 is an intermediate support and its breach could extend losses towards 0.6510. On the upside, trend followers could be expected to sell into strength in the former demand zone at 0.6760.

 

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