US Dollar, AUD/USD and EUR/USD Analysis: The Global Reserve currency holds strong as the Petrodollar correlation returns and sentiment worsens. With WTI Oil rebounding toward the pivotal $95 level and a massive US Marine fleet arriving in the Arabian Sea, market sentiment quickly sours.
AUD/USD's fall from 0.7181 extends lower today and the development should now confirm rejection by 0.7206 key fibonacci resistance. The decline is see as correcting whole up trend from 0.5913.
AUD/USD: Return to 0.71 seen on 3–6 month view – Rabobank
AUDUSD tests critical support The Australian dollar took another step lower as the greenback continued its dominance over the pair. Prices remain limited below 0.7000 as the current trend signals a bearish channel, which has seen the pair slip away from its previous peak.
AUD/USD: RBA weighs stagflation risks – Commerzbank
AUD/USD steadies near 0.6950 as geopolitics drive USD demand
AUD/USD is being dragged lower by a USD surge that isn't being driven by yields or energy, while softer Australian inflation is starting to erode hawkish RBA support that had underpinned the pair.
AUD/USD struggles as inflation data, Oil volatility, and RBA outlook clash
AUD/USD: Inflation risks curb downside for Aussie – BBH
The AUD/USD pair rose slightly after the Australian Bureau of Statistics (ABS) published the latest consumer inflation report. It rose to the important resistance level at 0.7000 from this week's low of 0.6908.
AUD/USD Price Forecast: Continues to hold key support level of around 0.6900
AUD/USD continues to struggle below the psychological 0.7000 handle following softer than expected CPI data. Market participants still seem to be erring on the side of caution with more rate hikes still expected from the RBA moving forward.