Australian Dollar pulls back near multi-month highs as traders await RBA Minutes
AUD/USD is pulling back to the 0.7150 region, consolidating just below its recent multi-month highs. Traders are largely focused on the Reserve Bank of Australia (RBA) Minutes due later in the Asian session.
The Australian Dollar is dipping near multi-month highs as traders await the Reserve Bank of Australia (RBA) Minutes. The RBA kept the cash rate at 4.35% after three hikes earlier in the year, and Governor Michele Bullock stated the board did not discuss a rate cut. Traders are looking for any sign of a softer tone or a potential rate cut, but there are few indicators of a dovish shift.
The US Treasury is expected to expand secondary sanctions against entities and countries trading with Iran, aiming to curb Tehran's exports and maintain stability in the Strait of Hormuz. In technical analysis, AUD/USD is trading around 0.7153, just above the 20 and 100-period Simple Moving Averages, and is approaching resistance levels at 0.7158 and 0.7167. Should it break above 0.7158, the next resistance hurdle would be at 0.7167, followed by 0.7177.
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