The Australian Dollar (AUD) continues to experience a decline for the second consecutive session, largely influenced by recent mixed economic data from China released on Friday.
The Australia n Dollar extends its losses after mixed economic data from China on Friday. The Australia n Dollar struggles as Australia ’s 10-year bond yield has dropped to a monthly low of 4.2%. China’s Retail Sales increased for the consecutive 15th month but the softest gain in the sequence. The US Dollar has rebounded as the Fed remains cautious about inflation and potential rate cuts in 2024.
Additionally, the 14-day Relative Strength Index suggests a bullish sentiment, holding above the 50 mark. The AUD/USD pair could challenge the upper threshold of the ascending triangle, resting near the four-month peak of 0.6714. A breach above this level might prompt exploration toward the significant barrier at 0.6750. Conversely, potential support stands at the nine-day Exponential Moving Average at 0.6634, followed by the lower boundary of the ascending triangle around at 0.6610.
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