Australian Dollar retraces recent losses post-release of the RBA Meeting Minutes on Tuesday. RBA is exploring the possibility of introducing a central bank digital currency to save costs of billions of dollars. Investors seem to price in the possibility of another Fed rate hike following a slew of robust US data. r faced challenges possibly due to the shift in discussions about the trajectory of the US Federal Reserve's monetary policy.
6300, which aligns with the monthly low at 0.6285. On the upside, a key resistance is observed at the 44-day Exponential Moving Average around the 0.6427 level, coinciding with the 23.6% Fibonacci retracement level at 0.6429. A decisive breakthrough of this resistance could open the path for upward momentum, with a potential target set at the psychological milestone of 0.6500. These technical levels guide traders to assess potential price movements in the Aussie Dollar.
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