Another irresolute session in the US Dollar (USD) helped to sustain the robust recovery in AUD/USD, prompting the pair to extend further its recent breakout of the 0.6600 yardstick and advance to the vicinity of 0.6650.
AUD/USD advanced further and approached 0.6650. Next on the upside is the March top near 0.6670. Australia n Consumer Confidence eased to 82.4 in April. Another irresolute session in the US Dollar helped to sustain the robust recovery in AUD/USD, prompting the pair to extend further its recent breakout of the 0.6600 yardstick and advance to the vicinity of 0.6650. Simultaneously, the Australia n dollar's additional strength coincided with the ongoing surge in copper prices, reaching the $840.
It's noteworthy that the RBA is one of the final G10 central banks expected to consider interest rate adjustments this year. Given the differing timelines for monetary policy adjustments between the RBA and the Fed, the Australian dollar may gain momentum later in the year, potentially leading to further strengthening in AUD/USD. If the pair surpasses the December 2023 peak of 0.6871, it could target a significant level of 0.7000 in the near term.
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