Mon, Dec 05, 2022 @ 01:50 GMT

AUD/USD Bounces Back

The Australian dollar struggled as the RBA slowed the pace of tightening with a mere 25bp hike. A previous break above 0.6500 flushed out some selling interests and gave the aussie a little breathing room. The price action has since secured a footing over 0.6390. The current consolidation may lift offers to 0.6600 next to the 20-day moving average. But sentiment remains cautious and trend followers may look to sell into strength. However, a bullish breakout could open the door for an extended recovery towards 0.6800.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading