AUD/USD hovers near 0.6900 as RBA hawks battle with US Dollar bulls, focus on PMI – by anilpanchal7 AUDUSD PMI Fed RBA RiskAppetite
RBA Minutes, Aussie PMIs came in firmer but failed to underpin recovery amid geopolitical fears.
Risk catalysts eyed for intermediate directions ahead of US PMIs for February, Fed Minutes appear the key.fades bounce off intraday low while printing mild losses near 0.6900 during early Tuesday. In doing so, the Aussie pair fails to cheer the hawkish Minutes Statement from the Reserve Bank of Australia , as well as the upbeat Australian activity data. The reason could be linked to the market’s risk-off mood and the US Dollar’s rebound during the first trading day of the week.
Looking forward, a few more PMIs, especially from the US, will be important for the AUD/USD pair traders but major attention should be given to the risk catalysts and the Minutes for clear directions. Should the US data track the recent pattern of posting positive surprises and/or the FOMC Minutes also portray the hawkish mood, the Aussie pair will have a further downside to track.Although the 50-DMA puts a floor under the AUD/USD price near 0.6890, the recovery moves need validation from a 13-day-old resistance line, close to 0.6950 by the press time.
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