The Australian dollar resumed the upward trend following a negative start to the week, prompting AUD/USD to chart humble gains around the mid-0.
AUD/USD traded in an inconclusive note on Tuesday. Further losses could refocus on the 2024 low near 0.6450. Commodities and China keep the AUD under scrutiny. 6500s The slight uptick in AUD/USD occurred despite the equally marginal advance in the Greenback, as well as the continuation of the intense sell-off in iron ore prices, which reached multi-month lows near the $126.00 yardstick in response to increasing inventories and heightened uncertainty surrounding the Chinese housing market.
Regarding the Reserve Bank of Australia , the cautious approach from the central bank is likely to prevent significant downward pressure on the Australian dollar, as it is considered one of the latest G10 central banks to commence its interest rate cuts process. AUD/USD daily chart AUD/USD short-term technical outlook After clearing the weekly high of 0.6595 , AUD/USD may retest the temporary 55-day SMA around 0.6627, which coincides with the late-January peaks .
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