{"id":3231,"date":"2024-06-18T09:27:20","date_gmt":"2024-06-18T09:27:20","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3231"},"modified":"2025-05-15T13:56:48","modified_gmt":"2025-05-15T13:56:48","slug":"audusd-rba-june-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/chart-of-the-day\/audusd-rba-june-2024\/","title":{"rendered":"RBA\u2019s Hints of a Rate Hike Could Send AUDUSD Higher"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD-June-2024-Featured-Image-1024x585.jpg\" alt=\"\" class=\"wp-image-3233\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD-June-2024-Featured-Image-1024x585.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD-June-2024-Featured-Image-300x171.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD-June-2024-Featured-Image-768x439.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD-June-2024-Featured-Image-1536x877.jpg 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD-June-2024-Featured-Image.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Earlier today, the Reserve Bank of Australia announced its intention to maintain its interest rate at 4.35%. However, the underlying tone of the announcement was hawkish, with representatives expressing that the path towards its inflation target of 2-3% to be a tough road ahead.<\/p>\n\n\n\n<p>The possibility of a rate hike was also discussed, and expectations of rate cuts were pushed back to Q2 2025. With this hawkish undertone, the Australian dollar may receive some fuel towards the upside.<\/p>\n\n\n\n<p>It\u2019s important, however, to still monitor the technical chart of AUDUSD with a keen eye as it is currently consolidating within a daily symmetrical triangle pattern.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technical Analysis of AUDUSD &#8211; 18th June, 2024<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"686\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD_2024-06-18_17-26-12-1024x686.png\" alt=\"\" class=\"wp-image-3232\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD_2024-06-18_17-26-12-1024x686.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD_2024-06-18_17-26-12-300x201.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD_2024-06-18_17-26-12-768x515.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD_2024-06-18_17-26-12-1536x1029.png 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/06\/AUDUSD_2024-06-18_17-26-12.png 1901w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>As discussed, AUDUSD is currently within a symmetrical triangle pattern on the daily timeframe. The news may help fuel a breakout to the upside as the market prices in the expectations for a rate hike.<\/p>\n\n\n\n<p>AUDUSD is currently at a support zone at $0.662, which acted as a former resistance level from March to May of 2024. There are other indicators which support the bullish case scenario:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>0.382 Fibonacci retracement Level \u2013 $0.658<\/li>\n\n\n\n<li>Point of Control from October 2023 (Start of the Triangle) \u2013 $0.66125<\/li>\n\n\n\n<li>Stochastics RSI is consolidating below 50, with a small bullish divergence.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p>If this level holds, we could see a rise in AUDUSD, possible reaching the following levels:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Triangle Pattern\u2019s Upper Trendline \u2013 Approximately $0.668<\/li>\n\n\n\n<li>Triangle Pattern\u2019s Highest High (Aligns with a bigger 0.382 Fibonacci Retracement) \u2013 $0.687<\/li>\n\n\n\n<li>Measured Move Target of Bullish Breakout \u2013 $0.728<\/li>\n<\/ul>\n\n\n\n<p>If this support zone does not hold, we could see a retest of the 0.618 Fibonacci Retracement at $0.649, which aligns with the value area low of the entire pattern.<\/p>\n\n\n\n<p><strong>You might be interested in: <\/strong><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/weekly-outlook\/the-trinity-of-central-banks-rba-boe-and-fed-steer-the-market\/\">Analyzing RBA, BOE, and FED Decisions in June<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of Australia (RBA) maintains interest rates, but hints at a possible rate hike before the end of 2024.<\/p>\n","protected":false},"author":159,"featured_media":3233,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-3231","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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