AUD/USD Forecast: Constructive bias persists above the 200-day SMA

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AUDUSD News

Currencies,Recommended,Australia

Another firm session saw AUD/USD extend its advance further north of the 0.6700 barrier on Wednesday, adding to Tuesday’s gains and trading closer to recent monthly highs in the 0.6760-0.6765 band (July 8).

AUD/USD maintained its bullish stance well in place above 0.6700. The US Dollar traded on the defensive ahead of US CPI. Australian Consumer Inflation Expectations come on Thursday. Another firm session saw AUD/USD extend its advance further north of the 0.6700 barrier on Wednesday, adding to Tuesday’s gains and trading closer to recent monthly highs in the 0.6760-0.6765 band .

There is approximately a 25% probability of a rate reduction in August, rising to around 50% in the subsequent months. Moreover, the potential easing by the Fed, contrasted with the RBA's likely prolonged restrictive stance, could support AUD/USD in the coming months. However, concerns about sluggish momentum in the Chinese economy might impede a sustained recovery of the Australian currency as China continues to face post-pandemic challenges.

 

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