On Wednesday, the late rebound of the US dollar (USD) motivated the risk-associated assets to fade initial gains, forcing AUD/USD to retreat from earlier peaks north of the 0.6900 hurdle, a region last visited in late February 2023.

The RBA is expected to hold rates at 4.35%. Investors await key insights from the press conference to gauge AUD/USD movement and future rate cuts.

The Aussie dollar has been somewhat sideways for the last few days, as we are sitting on the previous support area that traders have been paying such close attention yet again. This is a market that will continue to see a lot of questions asked of risk appetite.

Aussie dollar awaits September’s Services PMI. Strong data may delay an RBA rate cut, lifting AUD/USD. Weak PMI could increase rate cut bets and push AUD/USD lower.