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AUDUSD extends streak, eyes key resistance ahead of Fed speech
The Reserve Bank of Australia reiterated a hawkish stance, leaving room for a rate hike as early as September, helping keep AUDUSD near 3.5-month highs.
AUDUSD held firm near the highest level in about three and a half months, extending a run that is on track for a ninth straight weekly gain and a second consecutive monthly close in green, according to Action Forex.
The Reserve Bank of Australia maintained its hawkish tone and said it is ready to act quickly, with a rate hike seen as possible as early as September, after July inflation picked up.
The technical outlook remains increasingly bullish, with traders focused on upside targets around 0.7205 and resistance near 0.7277 to 0.7283, although overbought conditions may slow the advance.
Market participants also look to Fed Chair Warsh’s speech at Jackson Hole later that day for clearer signals on the Federal Reserve’s policy path, a development that could affect the US dollar and the AUDUSD pair.