Daily Price Outlook

The AUD/USD currency pair failed to stop its downward trend and slipped below the level of 0.6600 during European trading session on Tuesday. However, this decline followed the monetary policy meeting of the Reserve Bank of Australia (RBA). As widely anticipated, the RBA decided to keep the interest rate unchanged at 4.35%. Consequently, the decision had a negative effect on the Australian Dollar and contributed to the losses in AUD/USD pair.

On the other side, the market has factored in a 97% probability that the Federal Reserve will maintain the interest rate within the range of 5.25% to 5.50% in the upcoming meeting. This exerted downward pressure on the US dollar and serve as a supportive factor for the AUD/USD pair.

RBA's Cautious Stance and Potential Impact on AUD/USD Pair

As we mentioned above, the Reserve Bank of Australia (RBA) decided to keep the interest rate unchanged at 4.35% during its December meeting. RBA Governor Michele Bullock mentioned that the need for additional tightening would depend on data and risk assessments for inflation targeting. Bullock also highlighted that maintaining the current cash rate allows the RBA to consider the effects of recent rate increases on demand, inflation, and the job market.

Therefore, the AUD/USD pair experienced a losses as the RBA's decision to keep the interest rate at 4.35% suggests a cautious stance, potentially leading to a weakening Australian Dollar.

Anticipated Fed Rate Cut and its Impact on AUD/USD

Moreover, Federal Reserve Chair Jerome Powell has reinforced expectations that the central bank won't raise rates further in its December meeting and might even cut rates by March 2024. The CME FedWatch Tool indicates a 97% chances that the Fed will maintain rates between 5.25% and 5.50% in the next meeting, with over a 50% chance of a 25 basis points rate cut by March next year, up from around 21% a week ago.

Hence, this potential rate cut could put downward pressure on the US Dollar, providing support for the AUD/USD pair.

AUD /USD - Technical Analysis

The Australian Dollar (AUD/USD) experienced a retreat in today's market, edging down by 0.63% to a trading value of 0.65. This recent move underscores a tepid sentiment as the currency grapples with fluctuating market forces.

Technical levels delineate a battleground for the AUD, with a pivot point at $0.6500 serving as the day's barometer for trend direction. Should bullish momentum take hold, traders will look to an immediate ceiling at $0.6600, followed by successive resistance levels potentially up to $0.6700. However, a slip in confidence could see the Aussie test floors at $0.6400, a support zone that holds the key to staving off further declines.

The Relative Strength Index (RSI) stands at 37, teetering towards the oversold territory but without decisively crossing the threshold, hinting at a bearish undercurrent yet a possibility of trend reversal if external market stimuli provide a nudge.

The 50-Day Exponential Moving Average (EMA), currently at $0.6600, poses a dynamic confluence point, with the AUD trading beneath it, a traditional bearish signal. Yet, the EMA's proximity to current levels could see it easily reclaimed in a bullish shift.

Chart patterns do not currently present a clear trajectory, awaiting clearer signals for directional bias.

In sum, the AUD/USD pairing reveals a bearish trend as long as it remains below the $0.6600 mark. The upcoming sessions are pivotal to determine if the Aussie can muster the strength to breach this threshold or if it will capitulate to lower support levels.

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Daily Price Outlook

- AUD/USD dips to 0.65, down 0.63% amid mixed cues.

- RSI at 37 suggests potential for a trend reversal.

- Key resistance set at $0.6600, pivotal for sentiment shift.

The Australian Dollar (AUD/USD) experienced a retreat in today's market, edging down by 0.63% to a trading value of 0.65. This recent move underscores a tepid sentiment as the currency grapples with fluctuating market forces.

Technical levels delineate a battleground for the AUD, with a pivot point at $0.6500 serving as the day's barometer for trend direction. Should bullish momentum take hold, traders will look to an immediate ceiling at $0.6600, followed by successive resistance levels potentially up to $0.6700. However, a slip in confidence could see the Aussie test floors at $0.6400, a support zone that holds the key to staving off further declines.

The Relative Strength Index (RSI) stands at 37, teetering towards the oversold territory but without decisively crossing the threshold, hinting at a bearish undercurrent yet a possibility of trend reversal if external market stimuli provide a nudge.

The 50-Day Exponential Moving Average (EMA), currently at $0.6600, poses a dynamic confluence point, with the AUD trading beneath it, a traditional bearish signal. Yet, the EMA's proximity to current levels could see it easily reclaimed in a bullish shift.

Chart patterns do not currently present a clear trajectory, awaiting clearer signals for directional bias.

In sum, the AUD/USD pairing reveals a bearish trend as long as it remains below the $0.6600 mark. The upcoming sessions are pivotal to determine if the Aussie can muster the strength to breach this threshold or if it will capitulate to lower support levels.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.65859

Take Profit – 0.65139

Stop Loss – 0.66295

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$720/ -$436

Profit & Loss Per Mini Lot = +$72/ -$43

Daily Price Outlook

The Australian Dollar (AUD) has shown resilience, recovering from its recent downturn despite unfavorable economic indicators from Australia on Thursday. The AUD/USD pair experienced a retracement from its near four-month peak of 0.6676, mainly due to a rebound in the US Dollar (USD).

Australia's economic landscape appears challenging, as evidenced by the Private Capital Expenditure for the third quarter, which declined by 0.6% against the expected rise of 1.0%. This decline, highlighted by the Australian Bureau of Statistics, points to a decrease in investment intentions in the private sector, potentially easing inflationary pressures and affecting the Reserve Bank of Australia's (RBA) stance on interest rate hikes.

Furthermore, Chinese economic data adds to the complex scenario. The National Bureau of Statistics Manufacturing PMI for November in China fell to 49.4, contrary to expectations of an increase, while the Non-Manufacturing PMI also declined. These figures might prompt discussions on additional economic stimulus, which could indirectly support the Australian Dollar, given the close economic ties between Australia and China.

Meanwhile, the US Dollar Index (DXY) saw a pause in its downward trend on Wednesday, bolstered by unexpectedly strong US GDP data. However, the DXY's recovery appears tentative as it struggles to maintain its ground on Thursday.

The focus now shifts to key economic releases from the United States, slated for the North American session. Notably, the weekly Jobless Claims are anticipated to rise, and the Core Personal Consumption Expenditure (PCE) Price Index for October is expected to show a deceleration in consumer inflation. These indicators could influence market sentiments and have implications for currency movements.

In addition to these external factors, domestic data from Australia, such as the Monthly Consumer Price Index (CPI) for October and the Retail Sales data, reveal a slowing inflationary trend and a contraction in consumer spending. This, combined with RBA Governor Michele Bullock's cautious approach to rate hikes and an emphasis on balancing inflation control with unemployment risks, paints a nuanced picture of the Australian economic outlook.

On the US front, Federal Reserve officials' comments, including those from Governor Christopher Waller, suggest a possible pivot in monetary policy if inflation shows a consistent downward trend. The robust GDP growth in the US contrasts with a steady Housing Price Index and an increase in consumer confidence, as per the latest CB Consumer Confidence Index.

In summary, the Australian Dollar's recovery amidst these diverse economic data points underscores the complex interplay of domestic and global economic forces influencing currency markets. The AUD's trajectory in the near term will likely be shaped by further developments in both the Australian and global economic landscape, particularly the upcoming US data releases.

AUD/USD - Technical Analysis

The Australian Dollar (AUD) has displayed resilience against the US Dollar (USD), appreciating by 0.36% and currently trading at 0.66. This performance underscores a strengthened AUD, buoyed by positive economic cues and a retreating USD amid shifting global sentiment.

AUD/USD finds itself navigating through pivotal levels with a critical pivot point at $0.6650. The currency pair faces immediate resistance at $0.6707, with further potential ceilings at $0.6764 and $0.6824. Should the AUD face a reversal, it will encounter support at $0.6618, with deeper fallbacks positioned at $0.6558 and $0.6527.

The technical landscape is reinforced by a Relative Strength Index (RSI) of 62, indicative of a bullish undertone without straying into overbought territory. Moreover, the AUD's stance above the 50-Day Exponential Moving Average (EMA) of $0.6579 corroborates this short-term bullishness, suggesting an underlying momentum that may persist.

From a chartist's perspective, the pair does not currently exhibit a definitive pattern, but its position relative to the 50 EMA and the pivot point suggests a potential for continuation of the current trend.

In essence, the AUD/USD’s bullish trend appears intact above the 0.66034 mark, with anticipation for the pair to challenge the immediate resistance at $0.6707 in the approaching sessions.

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Daily Price Outlook

- AUD/USD ascends to 0.66, bolstered by a bullish market sentiment as reflected in the RSI of 62.

- Resistance lies ahead at $0.6707, with the pair's trajectory above the 50 EMA suggesting continued bullish momentum.

- The current technical posture points towards a bullish trend, with an eye on testing upcoming resistance levels.

The Australian Dollar (AUD) has displayed resilience against the US Dollar (USD), appreciating by 0.36% and currently trading at 0.66. This performance underscores a strengthened AUD, buoyed by positive economic cues and a retreating USD amid shifting global sentiment.

AUD/USD finds itself navigating through pivotal levels with a critical pivot point at $0.6650. The currency pair faces immediate resistance at $0.6707, with further potential ceilings at $0.6764 and $0.6824. Should the AUD face a reversal, it will encounter support at $0.6618, with deeper fallbacks positioned at $0.6558 and $0.6527.

The technical landscape is reinforced by a Relative Strength Index (RSI) of 62, indicative of a bullish undertone without straying into overbought territory. Moreover, the AUD's stance above the 50-Day Exponential Moving Average (EMA) of $0.6579 corroborates this short-term bullishness, suggesting an underlying momentum that may persist.

From a chartist's perspective, the pair does not currently exhibit a definitive pattern, but its position relative to the 50 EMA and the pivot point suggests a potential for continuation of the current trend.

In essence, the AUD/USD’s bullish trend appears intact above the 0.66034 mark, with anticipation for the pair to challenge the immediate resistance at $0.6707 in the approaching sessions.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.66034

Take Profit – 0.66855

Stop Loss – 0.65660

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$821/ -$374

Profit & Loss Per Mini Lot = +$82/ -$37

Daily Price Outlook

Despite downbeat Retail Sales data from the country, the AUD/USD currency pair maintained its upward trend and remained well bid around the 0.6625 level. However, the reason for its upward momentum could be attributed to the bearish US dollar, which marked its lowest point since late August on Tuesday. The prevailing trend continues to lean towards the downside, fueled by a dip in US Treasury yields, notably with the 2 and 10-year bond yields slipping to 4.86% and 4.39%, respectively.

Another factor supporting the AUD/USD currency pair could be the National Australia Bank (NAB), which anticipates another RBA rate hike and expects it to occur at the February 2024 meeting.

Australian Dollar (AUD) Resilience Amid Consumer Spending Dip and RBA Caution

It's worth noting that Australia's consumer spending, a key measure by the Australian Bureau of Statistics, fell 0.2% in October, contrary to the expected 0.1% rise. Despite this, the Australian Dollar gained strength due to positive market sentiment and the announcement of a Chinese stimulus plan.

Meanwhile, Australia's Reserve Bank Governor Michele Bullock highlighted that the current monetary policy is restrictive. She's cautious about raising interest rates too much because it might reduce demand and impact jobs, especially with ongoing services inflation.

Thereby, the minutes from the RBA's meeting revealed a "credible case" against an immediate rate hike, although there is thinking of tightening in response to escalating inflation risks. National Australia Bank (NAB) foresees a potential RBA rate hike, possibly in February 2024.

Governor Bullock expects inflation to decrease to just under 3.0% in 2025 but acknowledges uncertainty. Traders are awaiting Wednesday's Monthly Consumer Price Index (YoY) for more insights.

FOMC Minutes, US Economic Data, and Potential Impacts on AUD/USD Pair

Moreover, the latest Federal Open Market Committee (FOMC) meeting minutes indicated that if there isn't sufficient progress toward the inflation goal, they might contemplate tightening monetary policy. All FOMC members unanimously agree to maintain a relatively tight policy until there is clear evidence of inflation aligning with their target.

In other news, US New Home Sales dropped by 5.6% to 679K, missing the expected 725K.

Please improve fluency and remove mistakes

On Tuesday, the US Dollar Index (DXY) reached its lowest level since late August, propelled by a decrease in US Treasury yields, with 2 and 10-year bond yields slipping to 4.86% and 4.39%. Consequently, the AUD/USD pair might experience a positive influence as the USD weakens, attributed to the Federal Open Market Committee's (FOMC) cautious approach to tightening policy.

Furthermore, the prospect of a weaker USD may be exacerbated by disappointing US New Home Sales, thereby favoring the Australian Dollar.

In the upcoming week, the US is scheduled to release key data, notably the Housing Price Index and CB Consumer Confidence on Tuesday. Furthermore, speeches from Federal Reserve (Fed) officials are expected to offer insights into the central bank's perspective on the economy.

AUD/USD - Technical Analysis

In the realm of foreign exchange, the Australian Dollar (AUD) against the US Dollar (USD) presents an intriguing narrative of resilience and growth. As of today, the AUD/USD pair is trading around 0.66, marking a modest rise of 0.14% in the last 24 hours. This movement signifies a cautious but positive sentiment in the market towards the Australian currency.

The technical landscape for AUD/USD is defined by several key price levels. The current pivot point stands at 0.6648, a critical level for determining its immediate directional bias. The pair faces immediate resistance at 0.6707, followed by higher levels at 0.6765 and 0.6824. These resistance levels will play a significant role in deciding whether the AUD can extend its upward trajectory against the USD. On the flip side, support levels are noted at 0.6618, with additional supports at 0.6558 and 0.6528, crucial for cushioning any potential declines.

From a technical indicators perspective, the Relative Strength Index (RSI) for AUD/USD is at 67, hovering near the overbought threshold but still indicative of a bullish sentiment. This suggests that the pair may still have room for further upward movement. Additionally, the 50-Day Exponential Moving Average (EMA) is at 0.6600. The AUD/USD trading above this level reinforces the notion of a short-term bullish trend.

In conclusion, the overall trend for the AUD/USD pair appears bullish, particularly if it maintains above the 0.65872 level. The short-term outlook suggests that the pair might test higher resistance levels in the coming days. Investors and traders should closely monitor these levels, as breaking through either resistance or support could signal significant price movements for the Australian Dollar against its American counterpart.

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Daily Price Outlook

- AUD/USD sees a slight rise to 0.66, with a pivot point at 0.6648 and resistance up to 0.6824.

- RSI at 67 suggests bullish sentiment, while trading above the 50 EMA at 0.6600 reinforces a positive trend.

- Bullish outlook above 0.65872, with expectations of testing higher resistance levels shortly.

In the realm of foreign exchange, the Australian Dollar (AUD) against the US Dollar (USD) presents an intriguing narrative of resilience and growth. As of today, the AUD/USD pair is trading around 0.66, marking a modest rise of 0.14% in the last 24 hours. This movement signifies a cautious but positive sentiment in the market towards the Australian currency.

The technical landscape for AUD/USD is defined by several key price levels. The current pivot point stands at 0.6648, a critical level for determining its immediate directional bias. The pair faces immediate resistance at 0.6707, followed by higher levels at 0.6765 and 0.6824. These resistance levels will play a significant role in deciding whether the AUD can extend its upward trajectory against the USD. On the flip side, support levels are noted at 0.6618, with additional supports at 0.6558 and 0.6528, crucial for cushioning any potential declines.

From a technical indicators perspective, the Relative Strength Index (RSI) for AUD/USD is at 67, hovering near the overbought threshold but still indicative of a bullish sentiment. This suggests that the pair may still have room for further upward movement. Additionally, the 50-Day Exponential Moving Average (EMA) is at 0.6600. The AUD/USD trading above this level reinforces the notion of a short-term bullish trend.

In conclusion, the overall trend for the AUD/USD pair appears bullish, particularly if it maintains above the 0.65872 level. The short-term outlook suggests that the pair might test higher resistance levels in the coming days. Investors and traders should closely monitor these levels, as breaking through either resistance or support could signal significant price movements for the Australian Dollar against its American counterpart.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.65970

Take Profit – 0.66717

Stop Loss – 0.65423

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$747/ -$547

Profit & Loss Per Mini Lot = +$74/ -$54

Daily Price Outlook

Despite Australia's data showing a slowdown in economic activities during November, the AUD/USD pair maintained its upward trend and remained well bid around the 0.6570 level. However, the reason for its upward rally could be linked to the bearish US dollar, which is losing momentum amid the sentiment that the Fed may not pursue additional interest rate hikes, with a 50% chance of the US central bank cutting interest rates by May 2024.

Furthermore, the National Australia Bank (NAB) anticipates another RBA rate hike, expecting it to occur at the February 2024 meeting. This expectation is seen as another key factor boosting the AUD/USD pair. Market activity is subdued as traders prepare for the Thanksgiving Day holiday in the US on Thursday.

Australia's Economic Slowdown and RBA's Monetary Policy Outlook Boosts AUD/USD Pair Confidence

According to data released on Thursday, Australia's economic activity in November suggests a slowdown. The preliminary Judo Bank Manufacturing PMI dropped to 47.7 from last month's 48.2, and the Services PMI fell to 46.3 from 47.9. These declines contributed to an overall decrease in the Composite PMI, which dropped to 46.4 from 47.6.

Reserve Bank of Australia (RBA) Governor Michele Bullock, speaking at the ABE Annual Dinner, addressed the recent monetary policy decision. She pointed out that the inflation challenge is primarily driven by domestic factors, particularly demand. Bullock emphasized that tightening monetary policy is the appropriate course of action to address demand-driven inflation, despite improvements in supply-chain inflation.

Therefore, the news of Australia's economic slowdown, combined with the prospect of an RBA interest rate hike in February 2024, could bolster investor confidence, potentially strengthening the AUD/USD pair.

Mixed US Economic Reports and Potential Monetary Tightening Impact AUD/USD Pair

Furthermore, the US Dollar bounced back on mixed economic reports, but its momentum slowed. Jobless Claims data on Wednesday showed a better-than-expected drop to 209K from 233K. However, Durable Goods Orders took a hit, falling 5.4% in October, which was more than the expected 3.1% decline.

On a positive note, the University of Michigan Consumer Sentiment for November was 61.3, beating the expected 60.5. The FOMC meeting minutes reveal a willingness to tighten monetary policy if necessary for inflation control. FOMC members unanimously agree to maintain a restrictive policy until there is clear evidence of inflation aligning with their target.

Therefore, the mixed US economic reports sparked a rebound in the US Dollar Index, influencing the AUD/USD pair. The potential for a tighter US monetary policy may lead to a stronger USD against the AUD.

AUD/USD - Technical Analysis

The Australian Dollar against the US Dollar (AUD/USD) is trading at 0.65524, showing a modest increase of 0.15%. The pivot point for this pair is at 0.6584. Resistance levels are observed at 0.6658, 0.6777, and 0.6896, which could cap upward movements.

Support levels are at 0.6472, 0.6395, and 0.6276, offering potential support in case of a decline. The RSI for AUD/USD is at 58, indicating a neutral momentum without strong bullish or bearish signals.

The MACD value is -0.00046, with the signal at 0.00143, suggesting a lack of strong directional momentum. The 50 EMA is at 0.6550, almost mirroring the current price, indicating a balanced short-term trend.

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Daily Price Outlook

- AUD/USD at 0.65524, with pivot at 0.6584.

- Neutral RSI at 58, indicating balanced market forces.

- MACD and 50 EMA show a lack of strong momentum.

The Australian Dollar against the US Dollar (AUD/USD) is trading at 0.65524, showing a modest increase of 0.15%. The pivot point for this pair is at 0.6584. Resistance levels are observed at 0.6658, 0.6777, and 0.6896, which could cap upward movements.

Support levels are at 0.6472, 0.6395, and 0.6276, offering potential support in case of a decline. The RSI for AUD/USD is at 58, indicating a neutral momentum without strong bullish or bearish signals.

The MACD value is -0.00046, with the signal at 0.00143, suggesting a lack of strong directional momentum. The 50 EMA is at 0.6550, almost mirroring the current price, indicating a balanced short-term trend.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.65532

Take Profit – 0.66094

Stop Loss – 0.65091

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$562/ -$441

Profit & Loss Per Mini Lot = +$56/ -$44

Daily Price Outlook

The AUD/USD pair exhibits an optimistic demeanor as the dawn of the trading week witnesses a 0.37% rise, positioning the currency at 0.65826. The ascent comes amidst a broader currency market recalibration, as traders dissect and digest the latest economic symposiums and policy pivots.

At the forefront of resistance, the Aussie dollar eyes the 0.6662 mark with an anticipatory gaze, and beyond lies the challenges at 0.6777 and 0.6895—levels that test the resolve of bulls in the market. Conversely, a narrative of supports unfolds at 0.6469, with subsequent thresholds at 0.6397 and 0.6282, standing by to uphold the currency should it encounter bearish sentiment.

Amidst the technical tableau, the Relative Strength Index (RSI) broadcasts a strong signal at 73, venturing into overbought realms yet depicting a market with an appetite for risk. The MACD corroborates this stance with a positive divergence, hinting at continued propulsion. Notably, the currency's dance above the 50-day EMA of 0.6550 lends credence to the bullish tune.

The charted course reveals an upward channel breakout, a pattern often associated with robust buying interest and bullish continuance. Thus, the currency is set on a trajectory that might soon see it grapple with the immediate resistance laid out at 0.6662.

In summation, the Australian dollar's stance is firmly bullish, anchored above a well-established pivot of 0.6587. The session ahead is ripe with the potential for testing established resistances, contingent on market sentiment and economic undercurrents.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.65481

Take Profit – 0.66094

Stop Loss – 0.64891

Risk to Reward – 1: 1.14

Profit & Loss Per Standard Lot = +$613/ -$540

Profit & Loss Per Mini Lot = +$61/ -$54

Daily Price Outlook

The AUD/USD currency pair continued its upward momentum for the third consecutive session and drew some further bids on Tuesday. However, this rally was mainly driven by hawkish comments from Reserve Bank of Australia (RBA) Governor Michele Bullock. Furthermore, the uptrend in the AUD/USD pair was further reinforced by the hawkish tone evident in the RBA's November meeting minutes, as well as the rise in commodity prices. In the meantime, Investor optimism regarding potential additional stimulus measures in China further contributed to the strengthening of the Australian dollar against the US dollar.

Australian Economic Landscape and RBA's Monetary Policy Outlook

It is worth noting that Michele Bullock, the governor of the Reserve Bank of Australia, has highlighted the strength of Australia's job market, expressing confidence in the ongoing positive trend in employment. Bullock also points out that the inflation challenge is not just about supply issues but also about underlying demand. According to her, it is a significant concern for the next couple of years.

During their November meeting, the Reserve Bank of Australia acknowledged a solid reason to hold off on an immediate interest rate increase. However, they also recognized a stronger argument in favor of raising rates due to increasing inflation risks. They highlighted that the decision to raise rates would depend on a thorough examination of data and risk assessment.

In October, Australia experienced a noteworthy surge in employment, adding 55,000 jobs, surpassing the market's anticipated 20,000. The unemployment rate remained steady at 3.7%, aligning with expectations. The Wage Price Index also saw the anticipated growth of 1.3%, with the yearly data reflecting a 4.0% increase, slightly exceeding the expected 3.9%.

Hence, the positive economic indicators, including strong job market and inflation concerns, will strengthen the AUD/USD pair, showing confidence in Australia's economic outlook.

Global Economic Overview and Monetary Policy Developments

On the U.S. front, in October, the Consumer Price Index (CPI) reported lower figures than expected, with the annual rate declining from 3.7% to 3.2%, below the anticipated 3.3%. The monthly CPI also saw a decrease from 0.4% to 0.0%. The Core CPI in the U.S. increased by 0.2%, falling short of the expected 0.3%, and the annual rate dropped to 4.0% from the preceding 4.1%.

Moreover, Boston Federal Reserve (Fed) President Susan Collins expresses optimism that the Fed can address inflation without negatively impacting the job market through a "patient" approach to interest rates.

The broad-based US dollar has been losing ground and declined to three-month lows, influenced by heightened risk appetite and lower U.S. Treasury yields. This was seen as a crucial factor contributing to the continued strength of the AUD/USD pair. Looking ahead, investors are eyeing U.S. Existing Home Sales and the Chicago Fed National Activity Index.

AUD/USD - Technical Analysis

The AUD/USD pair exhibits an optimistic demeanor as the dawn of the trading week witnesses a 0.37% rise, positioning the currency at 0.65826. The ascent comes amidst a broader currency market recalibration, as traders dissect and digest the latest economic symposiums and policy pivots.

At the forefront of resistance, the Aussie dollar eyes the 0.6662 mark with an anticipatory gaze, and beyond lies the challenges at 0.6777 and 0.6895—levels that test the resolve of bulls in the market. Conversely, a narrative of supports unfolds at 0.6469, with subsequent thresholds at 0.6397 and 0.6282, standing by to uphold the currency should it encounter bearish sentiment.

Amidst the technical tableau, the Relative Strength Index (RSI) broadcasts a strong signal at 73, venturing into overbought realms yet depicting a market with an appetite for risk. The MACD corroborates this stance with a positive divergence, hinting at continued propulsion. Notably, the currency's dance above the 50-day EMA of 0.6550 lends credence to the bullish tune.

The charted course reveals an upward channel breakout, a pattern often associated with robust buying interest and bullish continuance. Thus, the currency is set on a trajectory that might soon see it grapple with the immediate resistance laid out at 0.6662.

In summation, the Australian dollar's stance is firmly bullish, anchored above a well-established pivot of 0.6587. The session ahead is ripe with the potential for testing established resistances, contingent on market sentiment and economic undercurrents.

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