AUD/USD Rebounds on USD Weakness, Faces Key Resistance


The Australian Dollar (AUD) recovered against the US Dollar (USD) after a dip towards 0.6509. Broad USD weakness underpins the commodity-linked currency, lifting AUD/USD to 0.6543.

Key Factors:

  • Mixed Fed Commentary: Hawkish comments from some Fed speakers on the potential for fewer rate cuts limit AUD gains.
  • Weakening US Data: Decreasing New Home Sales and a deepening negative Dallas Fed Manufacturing Index put pressure on the USD.
  • Broader USD Retreat: The USD’s general weakness supports the AUD’s recovery.

Technical Outlook:

  • Key Resistance: AUD/USD faces resistance at the confluence of the 50 and 200-day moving averages (0.6551). A decisive break above would signal further upside.
  • Next Resistance: The 100-DMA at 0.6589 presents the next hurdle for buyers.
  • Support Level: Failure to hold above 0.6550 could trigger a retest of the 0.6500 level.

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