AUDUSD continues its run to the upside after the RBA shifts

The RBA shifted their bias more toward tightenings earlier vs later as they took out the word “patient” with regard to inflation. Expectations are now for a hike by June.

The shift sent the AUDUSD trending to the upside.

Recall from yesterday, the price had moved up above swing highs from the month of March between 0.7535 and 0.75394. Up until the interest rate decision, the price had stayed just above that swing area. The statement sent the price quickly to the upside.

In the current hour, the price has moved to a new session high above the London morning high of 0.76389.

Looking at the daily chart, the price is also moved above the 0.7645 level. Going back to June 2021, there were lows on June 3 and June 4 followed by a high on June 17. The current price trading at 0.7659, that level will be a close risk level. Alternatively, the 61.8% retracement of the move down from the February 2021 high comes in at 0.76094. That is also a longer-term risk level.

UPDATE: Lael Brainard more hawkish comments has helped to send the yields higher, and the NASDAQ lower. That is putting some downward pressure on the  AUDUSD 
AUD/USD

The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar (USD) is the world’s most traded currency, resulting in a very liquid pair, with tight spreads, often staying within the 1 pip to 3 pip spread range on most forex brokers. AUD/USD Popular Among Various Types of TradersA lot of traders consider the AUD/USD to perhaps be the most consistent currency pair with respect to swing trading, as it has often moved in steadfast cycles.Having said that, every pair presents its own challenges for traders.The AUD/USD is very popular with swing traders, with the four-hour timeframe being, historically at least, more dependable than others. Historically the AUD/USD is influenced by interest rate differentials, commodity prices, government credit ratings, and overall sentiment and speculation.

The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar (USD) is the world’s most traded currency, resulting in a very liquid pair, with tight spreads, often staying within the 1 pip to 3 pip spread range on most forex brokers. AUD/USD Popular Among Various Types of TradersA lot of traders consider the AUD/USD to perhaps be the most consistent currency pair with respect to swing trading, as it has often moved in steadfast cycles.Having said that, every pair presents its own challenges for traders.The AUD/USD is very popular with swing traders, with the four-hour timeframe being, historically at least, more dependable than others. Historically the AUD/USD is influenced by interest rate differentials, commodity prices, government credit ratings, and overall sentiment and speculation.
Read this Term as I type. The price low moved down to 0.76374 and back below the swing area at 0.76449. More downward pressure could see rotation toward the 61.8% retracement at 0.76094 from the daily chart