AUD/USD consolidates in a range, remains below 0.6800 mark and 100-day SMA – by hareshmenghani AUDUSD China Inflation Fed Currencies
below the 0.6800 mark through the Asian session on Thursday. The pair, however, remains well within the striking distance of its highest level since February 24, around the 0.6815-0.6820 region touched the previous day.
Mixed Chinese inflation figures published early today, along with a modest US Dollar uptick, act as a headwind for the AUD/USD pair. In fact, the National Bureau of Statistics reported that the headline CPI in China rose by 0.1% rate in April, marking a sharp deceleration from the 0.7% annual rise seen in the previous month and the lowest rate since February 2021. This indicated that domestic demand remains lacklustre.
The aforementioned fundamental backdrop seems tilted firmly in favour of bullish traders and suggests that the path of least resistance foris to the upside. That said, the recent repeated failures to find acceptance above the 100-day SMA make it prudent to wait for strong follow-through buying before positioning for any further near-term appreciating move.
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