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21 Oct 2022

AUD/USD rebounds above 0.6300 as USD slides

  • Dollar loses momentum late on Friday after WSJ report.
  • AUD/USD rises from multi-day lows to 0.6330.

The AUD/USD turned positive for the day after rebounding more than a hundred pips from four-day lows. The pair rose from near 0.6200 to 0.6333, hitting a fresh daily high on the back of a weaker dollar.

The greenback pulled back across the board following a report from WSJ mentioning a debate at the upcoming FOMC meeting on how to continue rising interest rates. The DXY moved off highs and trimmed daily gains. The report also boosted equity prices in Wall Street, also helping commodity prices.

Despite the sharp moves in AUD/USD, it continues to move in ranges between 0.6340 and 0.6200. A firm break above 0.6350 should open the doors to more gains in the very short term.

AUD/USD 4-hour chart

AUDUSD

 

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