The AUD/USD pair saw a sharp uptrend following a hawkish statement by the Reserve Bank of Australia (RBA). The pair rose to 0.6500 after the RBA left interest rates unchanged at 4.35% for the fifth consecutive meeting. The central bank expressed concerns about high inflation levels and hinted at a potential rate hike in the future.
The next RBA meeting is scheduled for August 6th, where the second quarter inflation report will play a crucial role in determining the bank’s future actions. Meanwhile, the Federal Reserve also adopted a hawkish stance, emphasizing the need to monitor inflation data before considering rate cuts.
Technical analysis shows that the Australian dollar has rebounded above key levels, indicating a potential further upside towards the resistance at 0.6680. Traders are advised to stay updated on market developments as they await more data releases in the coming days.
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