The Australia n Dollar received pressure due to the dovish RBA. Australia 's Treasury predicted that CPI inflation would decrease to 3.75% by mid-2024. The US Dollar remains firmer as Fed officials indicated to maintain higher rates for longer. The Australia n Dollar retraces its recent gains on Tuesday ahead of the Yearly Budget Release by the Australia n Government due to be published later in the day.
6667, with further upward momentum possibly targeting the psychological threshold of 0.6700. Conversely, immediate support is foreseen around the 14-day Exponential Moving Average at 0.6569. If the pair breaches below this EMA, it might face additional selling pressure, potentially descending towards the region around the lower boundary of the symmetrical triangle, approximately at 0.6465.
SEO Majors Macroeconomics Australia
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