The Australian dollar is correcting the losses from the previous sessions on Friday morning in Asia. The AUD/USD pair started a fresh decline after forming a base near the 0.72300 level. It fell 0.59% on Wednesday and 1.27% on Thursday. More importantly, there was a break below the 21 and 50 exponential moving average prices on the daily chart. Meanwhile, the dollar index is down on Friday ahead of the US U.S. consumer price index (CPI) data report, due later today. There is a risk of a sharp decline in AUD/USD if the inflation data beats the expectation of market participants.
