The Australian Dollar (AUD) losses its recent gains on Wednesday.
The Australia n Dollar depreciates as the US Dollar gains ground after Fed Chair Powell’s testimony before the US Congress on Tuesday. China’s CPI declined by 0.2% in June, compared to a 0.1% decline in May. Fed Chair Powell emphasized that a rate cut is not appropriate until the Fed gains confidence that inflation is moving toward 2%. The Australia n Dollar losses its recent gains on Wednesday.
Additionally, the 14-day Relative Strength Index remains above the 50 level, confirming the bullish momentum. The AUD/USD pair may test the upper boundary of the ascending channel at approximately 0.6775. If it breaks through this level, the pair could aim for the psychological level of 0.6800. On the downside, the AUD/USD pair may find support around the lower boundary of the ascending channel at 0.6670, with additional support near the 50-day Exponential Moving Average at 0.6642.
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