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AUDUSD stays bearish after RBA lifts rates 25 bps to 4.60%

Despite the Reserve Bank of Australia raising its cash rate target by 25 basis points to 4.60%, AUDUSD continued falling, extending the decline from its September 9 high.

Reported · Written up by our desk · Major Pairs

Forexlive reports the Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.60%, as expected, saying inflation remains too high and it could tighten further if needed.

After the decision, AUDUSD extended its decline, continuing a move that started after the pair’s September 9 high at 0.7237.

The report said the selloff has been driven in part by US dollar strength as US yields rose on expectations of a more hawkish Fed, with the technical setup turning progressively more bearish.

Technically, the article cited price moving away from the 200-day moving average near 0.70256, and said a move above that level would be needed to shift the bias away from sellers.

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