The AUD/USD currency pair attracted fresh selling in the mid-0.6700s earlier this Tuesday and steadily lost ground through the early North American session.
The pair is currently positioned close to the base of its daily trading range, around the 0.6700 mark, and has stayed within striking distance of its most minor level since June 2020. The AUD began to weaken after the Reserve Bank of Australia’s (RBA) release of September meeting minutes.
The central bank restated that the policy was not on a pre-set path and noted that interest rates were getting closer to normal levels. However, the RBA also added that it observes the case for slowing the pace of rate hikes.
This and resurgent USD demand are detrimental to the AUD/USD pair. However, bearish traders might prefer to wait for some follow-through selling below the 0.6670 region before risking any further depreciating move.
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