The Australian Dollar (AUD) stays steady against the US Dollar (USD) following Tuesday’s release of the Reserve Bank of Australia’s (RBA) November Meeting Minutes. The minutes indicate that the RBA board remains cautious about the potential for inflation to rise further, emphasizing the need for restrictive monetary policy.RBA Board members also indicate no “immediate need” to adjust the cash rate, though they left the door open for future changes, noting that nothing can be ruled in or out. Current forecasts are based on the technical assumption that the cash rate will remain unchanged until mid-2025.The Australian Dollar gained support following hawkish remarks from Reserve Bank of Australia (RBA) Governor Michele Bullock last week. Bullock emphasized that current interest rates are sufficiently restrictive and will remain unchanged until the central bank is confident about the inflation outlook.An official from China’s National Development and Reform Commission (NDRC) stated on Tuesday that the country has “ample policy room and tools to support economic recovery.” The official expressed confidence in China’s economic trajectory, anticipating that the recovery momentum will persist through November and December. Any change in the Chinese economy could impact the Australian markets as both nations are close trade partners.The US Dollar (USD) remains in a downward correction despite recent hawkish remarks from Federal Reserve (Fed) officials. However, the Greenback’s downside may be limited as investors anticipate that the incoming Trump administration will prioritize tax cuts and impose higher tariffs. These measures could fuel inflation, potentially slowing the pace of Fed rate cuts.Traders are now focused on the upcoming October US Building Permits and Housing Starts data, which is set to be released on Tuesday.
Australian Dollar remains under pressure due to risk-off sentiment
Australian Dollar tests 0.6500, with the next key resistance located at the nine-day EMA
The AUD/USD pair hovers near 0.6500 on Tuesday, signaling short-term bearish momentum on the daily chart as it remains below the nine-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) sits below the 50 mark, reaffirming the bearish trend.On the downside, the AUD/USD pair faces significant support around the 0.6400 level. A decisive break below this psychological barrier could amplify selling pressure, potentially driving the pair toward its yearly low of 0.6348, last recorded on August 5.The 0.6500 level serves as immediate resistance. A sustained move above this threshold might push the AUD/USD pair toward the nine-day EMA at 0.6517, followed by the 14-day EMA at 0.6541. Surpassing these levels could pave the way for a rally toward the three-week high of 0.6687.
AUD/USD: Daily Chart
Australian Dollar PRICE Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the New Zealand Dollar.
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