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The US Dollar ascendency got back on track after a tumultuous few trading sessions that has seen most of the major global central banks have their say of the future of monetary policy.
The Australian Dollar ran lower immediately after headline CPI printed at 6.0% year-on-year to the end of June, taking the heat out potential hikes by the RBA. Will AUD/USD rally?
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh decline from well above 0.6800. The Aussie Dollar traded below the 0.6790 support and moved into a short-term bearish zone.
The Australian Dollar has struggled to make ground despite strong local data as the US Dollar machinations continue to ricochet across markets. CPI lies ahead. Will it hit AUD/USD?
AUD/USD is showing positive signs and might climb further higher above 0.6900. NZD/USD is also rising and aiming for a move above the 0.6410 resistance zone.