With the potential for another rate hike on the table, the Aussie (AUD) climbed through Tuesday’s early trading session, before getting pared back during the US market window.
The mid-week trading session will see eyes on the Fed and its FOMC’s latest Meeting Minutes, slated to release at 19:00 GMT on Wednesday. Investors will be looking to see how close the Fed is to delivering interest rate cuts, with the market broadly expecting a first rate trim in June or July, according to the CME’s FedWatch Tool.
AUD/USD technical outlook
The AUD/USD found its highest bids in nearly three weeks on Tuesday, climbing towards 0.6580 but falling just short of the interim level before getting pulled back into 0.6550 on stiffer US Dollar (USD) flows. The pair is grappling with a low-conviction recovery from the last swing low into 0.6450, and bullish momentum is running into a technical ceiling at the 200-day Simple Moving Average near 0.6565.
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