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What happened to AUD/USD?

The AUD/USD pair kept falling in the last few days, reaching a fresh multi-week low of 0.7263 on Friday, to close the trading week a handful of pips above it. EUR/USD rebounded during the American session and climbed to 1.0715 as the US Dollar retreated, accompanied by lower Treasury yields.

How will Powell's speech affect the AUD/USD?

The US Dollar strengthens ahead of Powell’s speech. RBA Bullock kept hopes of further rate-tightening alive, citing that the progress in inflation declining to 2% has slowed. On the daily chart, the AUD/USD continues to move between the 20-day Simple Moving Average (SMA) and the 55-day SMA (0.6505).

Will AUD/USD remain a'sell on rallies' trade in 2023?

Leading momentum indicators retain their hold in the bearish territory, suggesting that the AUD/USD pair is likely to remain a ‘sell on rallies’ trade in the 2023 year ahead. AUD/USD’s recovery from the last quarter of 2022, fuelled by China’s re-opening-led optimism, seems to have lost traction.

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