AUD/USD Price Analysis: Auctions below 0.6700 as soften Australian CPI cements steady RBA policy AUDUSD CPI RBA ChartPatterns SupportResistance
Monthly Australian inflation softened further to 6.9% from the prior release of 7.4% as households’ spending has trimmed dramatically. Households are struggling in bearing the burden of inflated goods and services with their nominal growth in earnings. This has bolstered the intention of pausing the policy-tightening spell by the Reserve Bank of Australia from its April meeting. has shown a firmer recovery from 102.40. The recovery move by the USD Index has escalated to 102.60.
On a two-hour scale, AUD/USD has shown a decent upside after sensing strength near the upward-sloping trendline of the Symmetrical Triangle chart pattern, which is placed from March 10 low at 0.6564. The downward-sloping trendline of theThe 20-period Exponential Moving Average at 0.6686 is acting as a cushion for the Australian Dollar.
In addition to that, the Relative Strength Index is making efforts in keeping itself in the bullish range of 60.00-80.00, which will keep the Australian Dollar in the grip of bulls. Should the asset breaks above March 13 high at 0.6717, Aussie bulls would drive the asset further toward March 07 high at 0.67478 followed by the horizontal resistance plotted from February 23 low at 0.6781.
On the contrary, a slippage below March 15 low at 0.6564 will drag the asset toward October 4 high at 0.6547 and the round-level support at 0.6500.
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