The AUD/USD pair climbs to near 0.6650 in Friday’s London session.
AUD/USD jumps to near 0.6650 ahead of US core PCE Inflation data. The US Dollar weakens as a downwardly revised Q1 GDP keeps hopes of the Fed cutting rates at least once this year on the table. Australia’s hot CPI report for April pushes back RBA ’s rate-cut prospects. The Aussie asset strengthens as the US Dollar weakens ahead of United States core Personal Consumption Expenditure Price Index data for April, which will be published at 12:30 GMT.
AUD/USD advances toward the downward-sloping border of the Descending Triangle chart pattern, which is plotted from May 16 high at 0.6714, formed on a daily timeframe. The horizontal support of the above-mentioned chart formation is marked from May 13 low at 0.6586. Upward-sloping 20-day Exponential Moving Average near 0.6620 suggests that the near-term trend is bullish. The 14-period Relative Strength Index oscillates in the 40.00-60.00 range, indicating a sharp volatility contraction.
RBA Fed Inflation Supportresistance
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