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In a recent report by FX Empire on US Consumer Inflation Expectations, the spotlight is on Fed Chair Powell’s upcoming testimony on Capitol Hill. Powell’s reference to consumer inflation expectation trends could potentially impact the Fed’s stance on interest rates, making it crucial for investors to stay informed.
Looking at the short-term forecast for the AUD/USD, key factors such as Australian consumer-related data, Chinese stats, and the US CPI Report play a significant role in shaping market trends. Speculation about an RBA rate hike and a potential Fed rate cut in September adds uncertainty to the mix, highlighting the importance of staying ahead of the curve with real-time updates.
Analyzing the AUD/USD price action, our experts note that the currency pair is comfortably above the 50-day and 200-day EMAs, signaling a bullish outlook. A break above the $0.67500 handle could trigger a push towards the $0.67967 resistance level, while a drop below the $0.67003 support level might indicate a downward trend towards the 50-day EMA.
With a Daily RSI reading of 64.25, the AUD has room to climb before reaching overbought territory, making it essential for investors to keep a close eye on Aussie home loan trends and US consumer inflation expectations. Stay ahead of the game with Extreme Investor Network’s in-depth analysis and expert insights to navigate the forex markets with confidence.