Aussie dollar shrugs off RBA dovish tone

OzForex Research OzForex Foreign Exchange

AUD - Australian Dollar

Yesterday we saw the Aussie dollar pull back against the greenback after the Reserve Bank of Australia (RBA) meeting Minutes showed that most policymakers expect inflation to remain mute for some time and confirming speculation that an upcoming rate cut is around the corner. The AUD/USD pair reached a low of 0.7139.

Looking ahead today and all eyes will be on Chinese economic data which begins with the release of Q1 GDP. Chinese growth is foreseen up by 6.3% YoY in the first three months of the year, worse than the previous 6.4% from the previous quarter. We will also see the release of March Retail Sales, seen rising by 8.4% YoY, and Industrial Production for the same period, seen up by 5.9% vs. the previous 5.3%.

From a technical perspective, the AUD/USD pair is currently trading at 0.7176. We continue to expect support to hold on moves approaching 0.7130 while now any upward push will likely meet resistance around 0.7200.

Key Movers

US data released overnight was mixed. US home builder sentiment rose to a 6-month high in April rising one point to 63. Sentiment levels have held in the low 60s for the past three months. We also saw the release of US Industrial production which was on the softer side (contracted 0.1% in March) amidst weaker global economic conditions. Looking ahead tonight the US will publish its February Trade Balance, and Mortgage Applications for last week.

Expected Ranges

AUD/CAD: 0.9480 - 0.9680 ▲

AUD/EUR: 0.6250 - 0.6450 ▲

AUD/GBP: 0.5400 - 0.5600 ▲

AUD/NZD: 1.0500 - 1.0700 ▲

AUD/USD: 0.7100 - 0.7200 ▲

Author

OzForex Research

OzForex Foreign Exchange

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD tilts bullish as markets barrel toward mid-week NFP print

GBP/USD is holding a broader bullish structure on the daily chart, with price trading well above the 50 Exponential Moving Average at 1.3507 and the 200 EMA at 1.3310, confirming the intermediate uptrend that has been in place since the November 2025 low near 1.2300.

Gold pushes back above $5,000

The daily chart shows spot Gold in a parabolic uptrend that accelerated sharply from the $4,600 area in late January, printing a record high at $5,598.25 before a violent reversal erased nearly $1,000 in value during the final days of the month.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.