Audusd rises as traders anticipate key RBA announcements

AUDUSD Analysis

Performance after Monday
Period	Pct	Chg	Momentum
Monday	0.89%	56.7 Pips
Week to-date	0.84%	54 Pips
May	0.85%	54.1 Pips

Upcoming key events (London Time)

Tue 05:30 AM AUD RBA Monetary Policy Decision (Cash Rate Target)
Tue 05:30 AM AUD RBA Statement on Monetary Policy
Tue 05:30 AM AUD RBA Cash Rate Statement
Tue 06:30 AM AUD RBA Press Conference

What happened lately

In Australia, a series of high-impact economic events are scheduled to occur with the Reserve Bank of Australia (RBA) at the forefront. The RBA Monetary Policy Decision, Statement on Monetary Policy, and the Cash Rate Statement, all set for release at 5:30 AM, will provide crucial insights into the country’s economic strategy and interest rate determinations. Following these announcements, an RBA Press Conference at 6:30 AM will likely shed further light on the RBA’s outlook and response to current economic conditions. These events are significant as they offer investors and market participants critical information about potential shifts in monetary policy and economic priorities within Australia.

The AUDUSD pair experienced a notable rise of 0.89% on Monday, reaching a value of 0.64567. This upward movement suggests increased demand or positive sentiment towards the Australian Dollar relative to the US Dollar. The imminent monetary policy announcements by the RBA are highly anticipated and could cause additional volatility in the AUDUSD pair. Should the RBA’s statements indicate a hawkish stance with increased interest rates or an optimistic outlook on the economy, the Australian Dollar may continue to appreciate against the US Dollar. Conversely, a dovish approach or concerns over economic instability could apply downward pressure on the pair. Therefore, traders will closely monitor these announcements for cues on future price movements of the AUDUSD.

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What can we expect from AUDUSD today?

AUDUSD on Monday rose 0.89% to 0.64567. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for AUDUSD looks bullish as the pair ended higher after Monday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 0.64819 with break above could target R2 at 0.65071 or figure level area. While towards the downside, we are looking at daily low of 0.63977 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.64650 may suggest continuation after recent positive movement.

For the week to-date, take note that AUDUSD is mixed as compared to the prior week.

Key levels to watch out:

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