Later today, Fed speakers will be in focus ahead of the Jackson Hole Symposium. Recent US economic data have gyrated Fed rate cut bets and US-Aussie rate differentials.
Hawkish Fed rhetoric, supporting a delay to interest rate cuts, would widen the rate differential in favor of the US dollar. Widening rate differentials could drag AUD/USD below the 50-day EMA. A drop below the 50-day EMA may pave the way to the 200-day EMA and the $0.64500 support level.
Conversely, rising support for a September Fed rate cut and further policy easing in Q4 would narrow the rate differential. Under this scenario, AUD/USD could move toward the $0.6550 resistance level.
