AUD/USD managed to partially reverse the recent weakness. The key 200-day SMA around 0.6545 is the next target. No further rate hikes, according to the RBA Minutes. The slight downward pressure on the US Dollar (USD) prompted a decent rebound in AUD/USD on Tuesday, rebounding from the area of recent four-week lows near 0.6480.
In line with the daily recovery of the Aussie dollar came the continuation of the uptrend in copper prices, which rose to levels last seen in late April 2023, and the small bounce in iron ore prices after finding some contention near the key $100.00 mark per tonne recently. Meanwhile, the economic situation in China is also expected to impact the AUD. Potential stimulus measures by both the government and the PBoC may offer temporary relief, but sustained improvements in economic indicators are needed to strengthen the Australian currency and potentially initiate a significant uptrend in AUD/US
AUD/USD US Dollar Rebound Weakness 200-Day SMA Copper Prices Iron Ore Prices Economic Indicators China Stimulus Measures
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