AUD/USD edges lower below 0.6620 ahead of the RBA rate decision

AUD/USD edges lower on the renewed demand around 0.6618 on Tuesday.
FOMC Chair Powell said that the Fed would not hesitate to raise the interest rates again if necessary
The RBA is expected to keep its cash rate at 4.35.
RBA interest rate decision and the Services PMI will be the closely watched events on Tuesday.

Lallalit Srijandorn FXStreet

The AUD/USD pair post a modest gain during the early Asian session on Tuesday. Investors await the Reserve Bank of Australia (RBA) policy meeting on Tuesday and no change in rates is expected. AUD/USD pares gains above the 0.6600 level as the USD edges higher against its rivals. The pair currently trade near 0.6618, up 0.01% on the day.

Last week, FOMC Chair Powell said that the Fed would not hesitate to raise the interest rates again if necessary. The October JOLTS report will be due on Tuesday and is likely to decrease 200k jobs. The market anticipates that the FOMC will begin its cutting cycle in Q3 2024. On Monday, the US factory orders fell 3.6% MoM in October from a 2.3% rise in the previous reading.

On the other hand, investors will keep an eye on the RBA meeting. The RBA is expected to keep its cash rate at 4.35% after raising it by 25 basis points (bps) last month. China's Caixin Service PMI for November is due and is expected to recover from 50.4 to 50.8 expected. The stronger-than-expected data might boost the China-proxy Australian Dollar (AUD).

Market players will monitor the RBA interest rate decision and the US Services PMI is due. Traders will take cues from the data and find the trading opportunity around the AUD/USD pair.

AUD/USD

Overview
Today last price	0.662
Today Daily Change	-0.0054
Today Daily Change %	-0.81
Today daily open	0.6674

Trends
Daily SMA20	0.6519
Daily SMA50	0.6428
Daily SMA100	0.6476
Daily SMA200	0.658

Levels
Previous Daily High	0.6676
Previous Daily Low	0.66
Previous Weekly High	0.6677
Previous Weekly Low	0.6567
Previous Monthly High	0.6677
Previous Monthly Low	0.6318
Daily Fibonacci 38.2%	0.6646
Daily Fibonacci 61.8%	0.6629
Daily Pivot Point S1	0.6624
Daily Pivot Point S2	0.6574
Daily Pivot Point S3	0.6548
Daily Pivot Point R1	0.67
Daily Pivot Point R2	0.6726
Daily Pivot Point R3	0.6776

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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