AUD/USD Price Analysis: Remains stuck in tight range slightly above 0.6500

The AUD/USD pair trades sideways in a narrow range slightly above the psychological support of 0.6500 in the early New York session on Monday.

AUD/USD trades sideways around 0.6500 as the focus shifts to US NFP data. Fed Powell sees no need to rush for rate cuts. Investors await the RBA minutes for fresh guidance on interest rates. The Aussie asset consolidates as investors seek fresh guidance on when the Reserve Bank of Australia and the Federal Reserve will pivot to rate cuts. The S&P 500 opens on a cautious note after a holiday-stretched weekend due to Good Friday. The US Dollar Index moves higher to 104.

The upward-sloping border of the aforementioned pattern is plotted from February 13 low at 0.6442 while the horizontal resistance is placed from January 30 high at 0.6626. Downward-sloping 50-period Exponential Moving Averages at 0.6530, indicates that the near-term demand is weak. The 14-period Relative Strength Index oscillates in the 40.00-60.00 range, indicating indecisiveness among market participants. Investors might build fresh shorts below March 28 low at 0.6485.

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