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AUD/USD Pushes Higher as Fed Rate Cut Expectations Weigh on USD
AUD/USD is trading at 0.68041, as the pair makes another attempt to break through the key resistance level at 0.6800. The recent rally reflects a combination of technical momentum and growing market expectations that the Federal Reserve will begin cutting interest rates later this year. Fed Chair Jerome Powell's dovish signals have led to a weaker US dollar, providing a boost for the Australian dollar.
This upward momentum has been further supported by a rebound in global risk sentiment and rising commodity prices, which are favorable for the Aussie. However, a decisive break above the 0.6800 level is crucial to confirm further gains, potentially targeting 0.6900. If the pair fails to sustain this level, it may retreat to test lower support zones.
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