- AUD/USD rises to near 0.6943 as the Australian Dollar outperforms.
- RBA’s Hunter signals that the central bank is committed to bringing inflation back to the target.
- Investors await the FOMC Minutes and China’s CPI data for June.
The Australian Dollar (AUD) trades 0.23% higher to near 0.6943 against the US Dollar (USD) during the Asian trading session on Wednesday. The Aussie pair gains as the Australian Dollar outperforms its major currency peers, except the New Zealand Dollar (NZD), with the Reserve Bank of Australia (RBA) keeping the door open for further monetary policy tightening, if needed, to bring inflation back to the central bank’s target.
Australian Dollar Price Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.03% | 0.15% | -0.02% | -0.21% | -0.50% | 0.03% | |
| EUR | 0.03% | 0.05% | 0.17% | -0.00% | -0.18% | -0.49% | 0.05% | |
| GBP | -0.03% | -0.05% | 0.13% | -0.03% | -0.25% | -0.52% | -0.03% | |
| JPY | -0.15% | -0.17% | -0.13% | -0.18% | -0.34% | -0.65% | -0.15% | |
| CAD | 0.02% | 0.00% | 0.03% | 0.18% | -0.18% | -0.48% | 0.02% | |
| AUD | 0.21% | 0.18% | 0.25% | 0.34% | 0.18% | -0.30% | 0.18% | |
| NZD | 0.50% | 0.49% | 0.52% | 0.65% | 0.48% | 0.30% | 0.49% | |
| CHF | -0.03% | -0.05% | 0.03% | 0.15% | -0.02% | -0.18% | -0.49% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
Earlier in the day, RBA Assistant Governor Sarah Hunter said that the central bank will act as needed to bring inflation back to target, even as the recent oil shock has yet to produce a marked slowdown in economic activity.
This year, the RBA has already delivered three interest rate hikes of 25 basis points (bps) and has pushed the Official Cash Rate (OCR) to 4.35%.
Going forward, investors will focus on China’s Consumer Price Index (CPI) data for June, which will be released on Thursday.
Meanwhile, the US Dollar trades marginally lower ahead of the Federal Open Market Committee (FOMC) minutes of the June policy meeting, which will be published at 18:00 GMT. Investors will pay close attention to FOMC minutes to get fresh cues regarding the Federal Reserve’s (Fed) monetary policy outlook.
AUD/USD technical analysis
AUD/USD trades higher at around 0.6944 at press time. However, the near-term tone is mildly bearish as it holds below the 20-period exponential moving average (EMA), which is at 0.6967. The pair’s inability to reclaim this nearby EMA resistance suggests topside attempts remain capped, while the Relative Strength Index (RSI) at 42.75 stays below the midline, hinting at subdued but not extreme selling pressure.
On the topside, immediate resistance is clustered at the 20-period EMA at 0.6967, which needs to be overcome to shift the near-term bias toward recovery and open the way for a more sustained rebound. Looking down, the June 30 low at 0.6865 is the key support zone; a break below that would open further downside towards the March 30 low at 0.6833.
