AUD/USD, H4 18 March 2024
The AUD/USD pair faced significant pressure from the robust U.S. dollar and witnessed a sharp
decline in the previous session. However, the pair managed to find support ahead of the upcoming RBA interest rate decision scheduled for tomorrow (March 19th). With inflation in Australia remaining elevated, the market anticipates that the RBA will maintain its current interest rate level to mitigate inflationary pressures and prevent economic recession.
AUD/USD is consolidating at near 0.6560 levels, suggesting a potential trend reversal for the pair. Suggesting the pair's bearish momentum remains intact.
Resistance level: 0.6560, 0.6617📉
Support level: 0.6540, 0.6485📈
The AUD/USD pair faced significant pressure from the robust U.S. dollar and witnessed a sharp
decline in the previous session. However, the pair managed to find support ahead of the upcoming RBA interest rate decision scheduled for tomorrow (March 19th). With inflation in Australia remaining elevated, the market anticipates that the RBA will maintain its current interest rate level to mitigate inflationary pressures and prevent economic recession.
AUD/USD is consolidating at near 0.6560 levels, suggesting a potential trend reversal for the pair. Suggesting the pair's bearish momentum remains intact.
Resistance level: 0.6560, 0.6617📉
Support level: 0.6540, 0.6485📈