AUDUSD Outlook 6th March 2023

FX:AUDUSD   Australian Dollar / U.S. Dollar
The AUDUSD traded with significantly choppy price action toward the end of last week. The price generally fluctuated along the 0.6750 price level before trading slightly higher, toward the resistance level of 0.6780, due to the weakness of the DXY.

Although the AUDUSD has been trapped within the price range of 0.67 and 0.6780 in the short term, the current DXY weakness could see the AUDUSD trade slightly higher. However, look toward how the price action develops for a potential setup, with the RBA interest rate decision due tomorrow.

Based on previous backtesting, the AUDUSD tends to trade lower following the RBA interest rate decision.

Therefore, if by the news release tomorrow, the AUDUSD continues to trade below the 0.6780 resistance level, this could be a good setup for a retest of the 0.67 price level again.

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