On Tuesday, AUD/USD continued its bullish momentum for the fourth consecutive day, successfully extending the recent breakout of the key 0.6700 level for the first time since mid-July.
AUD/USD advanced to multi-week highs near 0.6750. The Dollar’s sell-off underpinned the move higher in the pair. The RBA Minutes discussed an interest rate hike. After breaking through the critical 200-day SMA at 0.6603, the outlook for AUD/USD is expected to gradually improve, potentially supporting the continuation of the uptrend in the short term.
However, members ultimately concluded that maintaining the current cash rate target was the stronger position. They also concurred that it was improbable for the cash rate target to be reduced in the near term, but it was not feasible to definitively predict future changes to the rate target. Overall, the RBA is anticipated to be the last among the G10 central banks to begin reducing interest rates.
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