The Australian Dollar (AUD) moves sideways against the US Dollar (USD) with a positive bias on Thursday.
The Australia n Dollar could appreciate due to expectations of the RBA’s maintaining higher rates. The upside of the AUD could be limited as softer Q2 inflation diminished the odds of another RBA rate hike. CME FedWatch tool suggests 72.0% odds of a 50-basis point Fed rate cut in September, up from 11.8% last week. The Australia n Dollar moves sideways against the US Dollar with a positive bias on Thursday.
A break below the latter could exert downward pressure on the pair to test the lower boundary of the descending channel around the level of 0.6420 On the upside, the nine-day Exponential Moving Average at 0.6535 serves as immediate resistance, with additional resistance at the 0.6575 level, where throwback support has turned into resistance. A breakout above this level could push the AUD/USD pair toward a six-month high of 0.6798.
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