AUD/USD navigated a narrow range in the low 0.6500s. The better tone in the Greenback put the pair under pressure. Australian inflation held steady at 3.4% in February. The slight upward pressure on the US Dollar prompted a similarly tepid retreat in AUD/USD on Wednesday, holding the pair around 0.6530 and adding to Tuesday’s pullback.
Considering the divergent timelines for monetary policy adjustments between the RBA and the Fed, the Australian dollar might gather momentum later in the year, potentially leading to further appreciation in AUD/USD. If the pair surpasses the December 2023 peak of 0.6871, it could aim for a significant level of 0.7000 in the near future. AUD/USD daily chart AUD/USD short-term technical outlook Further upward momentum in AUD/USD faces provisional barrier at the 100-day SMA at 0.
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