RBA Decision: Can Bulls Break 0.6900?

RBA Decision: Can Bulls Break 0.6900?

The U.S. Federal Reserve's decision to slash interest rates by half a percentage point this week has intensified scrutiny on the Reserve Bank of Australia (RBA), which will hold its policy meeting next week.

Making a RBA’s interest rate cut less likely in the short term: Australia's labor market delivered stronger-than-expected job growth in August. Maybe this is why the AUDUSD has printed a nine-month high earlier today, creating the fourth consecutive green candle.

However, underlying weaknesses are emerging, as the gains were driven by part-time employment, with full-time jobs declining.

Should this momentum continue, AUD/USD could potentially test 0.6900 resistance, a high last seen in late 2023.