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AUD/USD corrects further to near 0.6620 as US Dollar gains, US CPI in focus
Key Takeaways (30s Read)
The AUD/USD pair continues to correct towards 0.6620, with US CPI in focus.
The Australian Dollar (AUD) is under pressure as the AUD/USD pair corrects further toward 0.6620 after hitting a nearly three-month high near 0.6686. The market is focused on the upcoming US Consumer Price Index (CPI) release, which is expected to influence market trends significantly. Previous data has shown stronger than anticipated inflation, raising interest in how the upcoming CPI will be reported. A high inflation indication could strengthen the US Dollar further. Meanwhile, the technical correction in AUD may signal a downtrend as it approaches resistance around 0.6700. Traders need to adopt a cautious stance while assessing future movements in this context.
AI Analyst
AI Opinion
"The current market environment shows a strong influence of the US Dollar on the AUD/USD pair, as we face a critical point with the upcoming US CPI release. Market reactions will heavily depend on how inflation rates influence US monetary policy. Should strong inflation indicators emerge, the US Dollar could appreciate further, putting additional pressure on the AUD. Conversely, if the pair fails to break above the resistance line at 0.6700, a continued downtrend is likely. It remains crucial for traders to monitor market movements closely while forming their trading strategies."
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