Aussie Dollar Tests Uptrend Support Ahead of U.S. Payrolls

The Australian dollar fell on the RBA hike as the central bank dropped its explicit pledge to raise rates further if needed. Michael Boutros, StoneX Media Senior Market Analyst, breaks down the Aussie dollar across the weekly, daily and four-hour charts and maps the event risk ahead. The Reserve Bank of Australia delivered its fifth rate hike of the year but removed the line committing to further increases if needed. Governor Bullock said the change should not be read as a signal that the RBA is on hold, yet markets have taken it that way. The Australian dollar has yet to post a weekly close below its 52-week moving average, the key test for a consolidation range that has held since March, with the 88.6% Fibonacci retracement marking major support. U.S. nonfarm payrolls lead a loaded calendar that also includes ADP employment, ISM services and Australian trade balance data, and payrolls carry the largest potential impact on U.S. monetary policy. 00:00 - RBA Drops Its Hawkish Pledge 00:54 - Aussie Tests 52-Week Average 02:05 - Daily Uptrend Under Fire 02:27 - Breakout or Breakdown for AUD 03:53 - Payrolls Top a Loaded Calendar Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_michael_boutros&utm_content=share Like and subscribe for more financial market insights. #AUDUSD #StoneX #MichaelBoutros #Forex --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social