The Australian dollar halted its upward trajectory, coming under selling pressure after retesting the 0.6570 zone against the US Dollar (USD) on Wednesday.
AUD/USD reversed its march north on Wednesday. The next target emerges at the 200-day SMA near 0.6560. The Australian Wage Price Index surprised to the upside. The Australian dollar halted its upward trajectory, coming under selling pressure after retesting the 0.6570 zone against the US Dollar on Wednesday. Wednesday’s bearish price action came after five consecutive daily upticks in AUD/USD following yearly lows observed in the 0.6440 range earlier in the month.
Despite the ongoing recovery of AUD/USD, investors are expected to closely follow developments in China, commodity prices , and movements in the US Dollar. While extra stimulus measures in China could potentially reinforce a near-term rebound, news of a more sustainable recovery in the country is needed to lend stronger legs to the Australian currency and, therefore, spark a more convincing move higher in AUD/USD.
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