Australian Dollar Under Pressure from RBNZ Rate Cut

The Australian Dollar weakened against the US Dollar on Wednesday, with the AUD/USD pair falling to near 0.6615. This decline was primarily driven by the Reserve Bank of New Zealand’s (RBNZ) unexpected interest rate cut, which dampened investor sentiment towards the broader Australian and New Zealand dollar region.

Additionally, concerns over weakening Chinese demand for Australian commodities contributed to the Australian Dollar’s weakness. However, the Reserve Bank of Australia’s (RBA) persistent hawkish stance and mixed Australian economic data have provided some support for the currency.

Technical Outlook

The AUD/USD pair is currently trading near neutral territory, with technical indicators showing mixed signals. Support levels are located at 0.6600 and 0.6580, while resistance is found around 0.6640. The pair’s future direction will depend on how these levels are tested.

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