The AUDUSD has experienced a choppy four-day stretch, marked by key technical tests on both ends of the range. After dipping to a low of 0.6391 yesterday—just above the prior support zone near 0.6388 (Thursday/Friday’s lows)—buyers stepped in and defended the level, forming a near-term base. That bounce highlights the 0.6388–0.6391 area as key support, where recent dip-buyers found value.
The rebound has since taken the pair back above the 100-hour and 200-hour moving averages, both converging near 0.6425, which now represent close support and a barometer for short-term bull/bear bias.
On the topside, price has stalled just ahead of the 200-day moving average, currently near 0.6454, which is acting as resistance. A break above that level would open the door for more upside momentum, but for now, buyers face a hurdle.
In summary, the last four sessions show a market respecting well-defined technical boundaries:
Support held at multi-day lows (0.6388–0.6391)
Resistance formed near the 200-day MA (~0.6454)
The battle line is now drawn at the 100/200-hour MAs (~0.6425)
Key levels:
Support: 0.6425 (100/200-hour MAs), 0.6388–0.6391
Resistance: 0.6454 (200-day MA), 0.6469
Bias: Neutral-to-bullish above 0.6425, bearish tilt resumes below
Fundamentally , yesterday the Reserve Bank of Australia cut its cash rate to 3.85% from 4.10%, as widely expected, citing easing inflation and a more balanced risk outlook. While headline inflation may temporarily rise, underlying inflation is projected to stay near the midpoint of the 2–3% target range. The RBA noted recovering domestic demand and persistent labor market tightness, but flagged growing uncertainty from global trade tensions and tariffs. Despite the rate cut, the Board remains cautious and emphasized that monetary policy will remain responsive to evolving economic risks both at home and abroad.
The cut did help to send the pair lower yesterday to the support target, but rallied into the close. Today, the declines from yesterday have been retraced.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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