AUD Pulls Back Near Multi-Month Highs Ahead of RBA Minutes
The Australian Dollar has pulled back to near multi-month highs as traders await the release of the Reserve Bank of Australia's (RBA) Minutes. The RBA is expected to echo its hawkish stance from August, with Governor Michele Bullock highlighting the Middle East conflict as a major upside risk to inflation.
Traders are also keeping an eye on Treasury Secretary Bessent's announcement of new Iran sanctions in the late American session. The AUD/USD currency pair has retreated to the 0.7150 region and is consolidating just below its recent highs.
According to technical analysis, the AUD/USD remains bullish as it holds above both the 20-period Simple Moving Average (SMA) at 0.7138 and the 100-period SMA at 0.7073. The Relative Strength Index (RSI 14) around 60 suggests positive momentum.
The RBA's Minutes will be closely watched for any signs of a softening stance or potential rate cuts, which could impact Australian yields and the Aussie dollar.