The AUD/USD is directionless for the last two trading sessions despite strong demand for the U.S. dollar. The hawkish stance from the Reserve Bank of Australia and U S central banks may put the AUD/USD in a short-term consolidation phase. Market participants are expecting the Reserve Bank of Australia to hike the interest rates in July. Analyzing the daily chart, the AUD/USD remains in a downtrend and is trading below the key average price. The momentum indicators are also in bearish territory, so one can expect a minor spike due to economic data reports before resuming downwards.
