On Monday, the AUD/USD lost ground due to a stronger US Dollar, supported by higher Treasury yields and cautious market sentiment. The pair bottomed o
ut at 0.6405 and then rebounded towards 0.6425. It continues to move sideways, with a moderately tilted downside risk.
The Greenback remains strong, recovering after a correction on Friday. The US Dollar Index rose to 106.10, reaching its highest level since November, before pulling back slightly. It remains firm due to higher yields, as the market expects rates to stay high for a longer period of time. The 10-year Treasury yield reached a fresh multi-year high at 4.52%., scheduled for Wednesday. In the US, on Tuesday, Consumer Confidence, New Home Sales, and the Richmond Fed Manufacturing Index are due.
If the Aussie manages to rise back above 0.6425, it could extend towards the 0.6445 area. The key level to watch in the short term is 0.6475, and a break higher would potentially lead to another test of the 0.6500 area.
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