The AUDUSD pair is at present going through vital pressure because it exams a key technical level: the 200-hour transferring common, situated at 0.66048. This level is essential, because it coincides with an upward-sloping trendline. A break under this transferring common may shift focus in direction of the 200-day transferring common at 0.65791. On the flip aspect, if the pair manages to carry above this help level, it might stay in a impartial zone, bounded by the 100-hour transferring common above at 0.6632 and the 200-hour transferring common under.

Market individuals are additionally intently watching the upcoming decision from the Reserve Bank of Australia on rates of interest, scheduled for 10:30 PM ET on Tuesday. The central financial institution beforehand raised charges by 25 foundation factors to 4.35%, which initially led to a decline within the AUDUSD to round 0.6500, bottoming out on November 10 at 0.63384. However, the pair has since recovered, aided by a weaker USD in November as market expectations shifted in direction of potential Federal Reserve rate cuts in 2024.

Last week, the AUDUSD briefly fell under each the 200-hour and 200-day transferring averages, however misplaced momentum and subsequently rebounded, reinforcing the 200-hour transferring common as a key help level.