The Aussie dollar remains trading in a relatively tight range against the US dollar in the current environment as geopolitical factors continue to dominate moves in the major currency pair. Volatility from President Trump’s trade tariff updates has seen the Aussie hit the annual high and low in the last 7 weeks and most traders are anticipating further inputs on trade to dictate moves both for the US dollar and for its Australian counterpart.
The Aussie is trading around the 0.6450 level after the much anticipated 25-basis point rate cut from the Reserve Bank of Australia this week and even though the currency has dropped on the crosses after the announcement, US dollar weakness has seen it remain relatively strong on the major pair.
Traders are now looking for a change in geopolitical updates over the next few weeks to see if we can break out of the recent ranges.
Resistance 2: 0.6516 – 2025 High
Resistance 1: 0.6487 – Trendline Resistance
Support 1: 0.6405 – Trendline Support
Support 2: 0.6357 – May Low
