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Australian dollar faces resistance while kiwi advances awaiting rate decision

The Australian dollar nudged higher, brushing up against resistance as a rally in Japanese stocks bolstered risk sentiment across the market. The AUDUSD pair edged up to $0.6592, closing in on the 200-day moving average at $0.6598. With resistance levels in sight, the next targets for the Aussie are $0.6625 and $0.6700, while support is found at $0.6550. The upward movement in the Australian dollar reflects a cautiously optimistic market mood, buoyed by gains in Asian equities. However, traders should watch these resistance levels closely, as breaking through could pave the way for further gains. Read more to find out about the Australian dollar here.

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Disclaimer:

As the Aussie tests resistance levels and the kiwi awaits the RBNZ’s decision, traders should stay alert to these key developments. The outcome of the RBNZ meeting could set the tone for the kiwi’s trajectory, while the Australian dollar’s performance will depend on its ability to break through current resistance levels.

Publication date:

2024-08-19 07:53:37 (GMT)

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