AUD/USD Price Analysis: Finds support near 0.6660, downside seems favored as China’s CPI remains stagnant – by Sagar_Dua24 AUDUSD Inflation Fed DollarIndex ChartPatterns
in China and expectations that inflation in the United States will remain stubborn.
On the United States Dollar front, expectations have increased that inflation would further turn sticky as June wage numbers seem uncomfortable for the Federal Reserve policymakers. Monthly economic data maintained a pace of 0.4% and remained higher than the consensus of 0.3%. Also, Annualized Average Hourly Earnings remained at a steady pace of 4.4%.
The 50-period Exponential Moving Average at 0.6620 is providing some cushion to the Australian Dollar bulls.
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