The AUD/USD pair manages to defend the 100-day Simple Moving Average (SMA) support and attracts some buyers near the 0.6645 region on Wednesday.
AUD/USD attracts some buyers near the 100-day SMA support amid renewed USD weakness. A positive risk tone further benefits the Aussie and remains supportive of the intraday uptick. The lack of follow-through buying warrants caution for bulls ahead of the key US CPI report. The AUD/USD pair manages to defend the 100-day Simple Moving Average support and attracts some buyers near the 0.6645 region on Wednesday. Spot prices maintain the bid tone near the 0.6660-0.
The aforementioned fundamental backdrop supports prospects for a further near-term appreciating move for the AUD/USD pair amid the Reserve Bank of Australia's hawkish stance. That said, it will still be prudent to wait for strong follow-through buying before confirming that the recent corrective pullback from a multi-month peak, around the 0.6825 region touched in August has run its course and placing aggressive bullish bets around the currency pair.
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