Home Analysis AUD/USD is directionless until the US session

AUD/USD is directionless until the US session

AUDUSD is directionless until the US session - forexspacex.com

The risk-sensitive Australian dollar is directionless ahead of the U.S. consumer price index data report, due later today. The pair traded below the 0.700 level near the 50-day exponential moving average price. Investors are speculating a modest contraction in inflation after a series of interest rate hikes from the Federal Open Market committee. Analyzing the daily chart, the chances of a breakout near the 0.7000 level are high but require a significant economic catalyst. On the flip side, the price may encounter heavy resistance if the CPI data came in line with the investor’s expectations.

Ref: Trading View

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