- Broad-based greenback weakness helps the pair push higher.
- Focus today remains on FOMC Chairman Powell's speech.
- RBA's Bullock refrained from commenting on the policy outlook.
The AUD/USD pair extended its rally on Tuesday and continued to push higher amid the persistent selling pressure surrounding the greenback. As of writing, the pair is trading at its highest level in more than two weeks at 0.6970, adding 0.15% on a daily basis.
The lack of macroeconomic data releases from Australia during the Asian session on Tuesday allowed the greenback's market valuation to continue to drive the pair's price action. Earlier today, Reserve Bank of Australia (RBA) Assistant Governor (Financial System) Michele Bullock didn't touch on the RBA's next policy move. Hurt by the heightened odds of the Fed opting out either for a 50 basis points or a 25 basis points rate cut in July, the US Dollar Index slumped to its lowest level in more than three months at 95.84.
Ahead of the Conference Board's Consumer Confidence Index and new home sales data from the U.S., the US Dollar Index is moving sideways near the 96 mark.
During his prepared speech earlier today, NY Fed President Williams didn't comment on the policy outlook or the current state of the economy. Later in the day, FOMC Chairman Powell will be speaking on the monetary policy and could trigger a fresh USD-selling wave if he keeps his dovish tone and doubles down on rate cuts.
Technical levels to consider
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