AUD Tumbles Below 0.7000 as RBA Hikes Rates Again

The Australian Dollar (AUD) has broken below a key Fibonacci retracement level at 0.7010, falling under pressure from a hawkish Reserve Bank of Australia (RBA) policy announcement and firm United States Treasury Yields.

The RBA raised its Official Cash Rate by 25 basis points to 4.6%, leaving the door open for further monetary tightening, according to Governor Michele Bullock's remarks.

The Australian Dollar underperformed against major currency peers during Tuesday's European trading session, losing almost 0.4% below $0.7000 against the US Dollar (USD).