The XM开户Australian Dollar is approaching a key resistance level against the US Dollar as the Reserve Bank of Australia remains cautious on interest rate cuts.
The AUD/USD pair is holding onto gains from Thursday, as RBA Governor Lowe reiterates a cautious approach towards rate cuts. Deputy Governor Debelle mentioned the possibility of further rate cuts but emphasized the need for caution, stating that no specific rate path is predetermined. He highlighted the strength of the labor market and stressed the importance of data performance.
The US federal government's significant layoffs have weakened the US Dollar, causing concerns about the economy due to substantial spending cuts by the government.
A strong resistance level is seen at 0.6415, marking the 38.2% Fibonacci retracement level from September to February's decline and the 100-day moving average. Support levels are at 0.6370-75 and 0.6330-35. The Asian trading range is between 0.6390 and 0.6408.
