The Australian Dollar (AUD) breaks its four-day losing streak against the US Dollar (USD) following the key economic data release on Thursday.
The Australia n Dollar receives support from the hawkish comments from the RBA Governor Michele Bullock. Australia ’s seasonally adjusted Unemployment Rate held steady at 4.1% in October for the third consecutive month. Traders are now shifting their focus to the US October Producer Price Index data, set to be released on Thursday. The Australia n Dollar breaks its four-day losing streak against the US Dollar following the key economic data release on Thursday.
An analysis of the daily chart indicated short-term downward pressure, with the pair remaining below the nine-day Exponential Moving Average . Additionally, the 14-day Relative Strength Index is below the 50 mark, reinforcing a bearish outlook. The AUD/USD pair may find support near the psychological level of 0.6400. A break below this level could increase downward pressure, potentially leading the pair to approach the yearly low of 0.6348, last reached on August 5.
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