AUD/USD chart hints further downside?

Mark O'Donnell
- Research Analyst -
November 29, 2024
CFD, Forex, Trading Opportunities

RBA Governor Michele Bullock stated that inflation remains too high for interest rate cuts in the near term, reinforcing a cautious monetary policy stance.

The Australian Dollar found support following comments from Reserve Bank of Australia (RBA) Governor Michele Bullock, where she reiterated that inflation remains too high to consider interest rate cuts in the near term.

Currently, the AUD/USD pair is trading near 0.6500. However, the daily chart shows a lower high and lower low, indicating potential for further downward movement. Additionally, the pair remains below all key Exponential Moving Averages (EMAs), with the 20-day EMA providing resistance around 0.6534.

Governor Bullock also highlighted the challenges in predicting the policies of the Trump administration, but they are unlikely to impact Australian inflation or influence RBA decisions over the next six months.

Looking ahead, RBA’s Head of Domestic Markets, David Jacobs, is scheduled to speak on Monday.

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