AUDUSD dips further from multi-week trendline as RBA holds rates

The Australian dollar has continued to weaken against the US dollar, dropping below the 0.6600 price level after the Reserve Bank of Australia decided to keep its cash rates steady, which was in line with market expectations. The central bank, like its counterparts, has opted to maintain the current interest rates as they keep a close eye on the unfolding disinflationary developments.

From the weekly view, AUDUSD has seen its 3-week price surge encounter a brickwall at the multi-week trendline from February 2021. Narrowing it down to the 4hr time frame, the bears have succeeded in clearing the neckline of a double top around 0.6580-0.6600 and is now on the verge of reaching 0.6530.