AUD/USD dipped following a less hawkish stance from the RBA, but the broader bullish trend remains intact

AUD/USD pulled back from a new multi-month high on Tuesday after the Reserve Bank of Australia (RBA) held rates steady at its policy meeting. Governor Bullock’s less hawkish comments dampened expectations for potential policy tightening.

The dip remains shallow for now, as the Aussie is supported by rising commodity prices and diverging monetary policies between the Fed and RBA, suggesting that the larger bullish trend is merely taking a pause.

Strong positive momentum on the daily chart, along with the formation of a Tenkan/Kijun-sen crossover, reinforces the bullish outlook. However, overbought conditions indicate the potential for a prolonged consolidation phase.

Initial support is seen around the 0.6814/0.6790 zone, with more significant support at 0.6774/66 (Fibonacci 38.2% of the 0.6622/0.6869 move and the rising 10DMA). These levels are expected to protect the downside and preserve the bullish structure.

Res: 0.6869; 0.6900; 0.6948; 0.6961
Sup: 0.6814; 0.6790; 0.6766; 0.6745