The US dollar is choppy overall in early trading on Thursday, as markets try to determine their next move.
AUD/USD Price Forecast: Trades around 0.7000 after pulling back from 50-day EMA
AUDUSD (The Australian dollar) remains choppy AUDUSD (The Australian dollar) remained choppy as consumer confidence jumped out of negative territory. • As the pair searches for a recovery to the previous swing high at 0.6980, a bearish RSI divergence could signal a halt to the potential rally.
Commodity-linked currencies strengthened after US inflation data came in weaker than expected. The Consumer Price Index (CPI) slowed to 3.5% year-on-year in June, below the 3.8% forecast, while core inflation eased to 2.6% versus expectations of 2.8%.
AUD/USD Price Forecast: Tests nine-day EMA barrier near 0.6950
AUD/USD Price Forecast: Wavers around 0.6950 with bearish momentum fading
AUD/USD Price Forecast: Retreats further from multi-week top but holds above 0.6900
The Australian dollar enters the week on uncertain footing after its recent recovery began to lose momentum. Australian consumer and business sentiment will be monitored, but the spotlight falls on Tuesday's US CPI report and Fed Chair Kevin Warsh's congressional testimony.
The Australian Dollar has steadied near 0.6940 against the US Dollar after giving back part of this week's gains following a sharp rally at the start of July. UOB believes the recent pullback is likely to prove temporary, with upside momentum continuing to build for the Australian Dollar.
AUD/USD Price Forecast: 0.6860 is key support level amid geopolitical risks
AUD/USD has broken below its multi-month uptrend after a sharp decline from the yearly highs, shifting the technical focus toward the July opening range and a major support zone just below. Weekly momentum has turned over, and the question now is whether Aussie can stabilize above support and carve out a near-term low, or if the breakdown opens the door to another leg lower.
AUD/USD Price Forecast: Hawkish remarks from RBA's Hunter lift Australian Dollar