Forex
AUD/USD Pulls Back After RBA Decision, Eyes on US Inflation Report
The Reserve Bank of Australia (RBA) left interest rates unchanged at 4.35%, as widely expected, and the AUD/USD pair dropped to 0.7052, a few pips below Monday's high of 0.7076.
Top analysts caution that house prices may fall further soon, with officials noting that consumer spending growth is slowing, while business debt is growing strongly.
The AUD/USD pair remains slightly above the 25-day moving average and 23.6% Fibonacci Retracement level, but the Relative Strength Index (RSI) has dropped to 56, indicating a bearish breakout potential to the key support level of 0.6865, its lowest point in July.