The
Australian
Dollar
(AUD)
losses
its
recent
gains
on
Wednesday.
The
drop
in
the
AUD/USD
pair
is
due
to
the
strengthening
of
the
US
Dollar
(USD)
following
Federal
Reserve
(Fed)
Chairman
Jerome
Powell’s
testimony
before
the
US
Congress
on
Tuesday.
Despite
acknowledging
improving
inflation
figures,
the
Fed
remains
firmly
cautious.
China’s
Consumer
Price
Index
(CPI)
rose
at
an
annual
rate
of
0.2%
in
June,
down
from
a
0.3%
rise
in
May.
The
market
had
forecasted
a
0.4%
increase
for
the
period.
On
a
monthly
basis,
Chinese
CPI
inflation
declined
by
0.2%
in
June,
compared
to
a
0.1%
decline
in
May,
which
came
in
below
the
expected
decline
of
0.1%.
Traders
are
anticipating
the
second
semi-annual
testimony
by
Fed
Chair
Jerome
Powell,
as
well
as
speeches
by
the
Fed’s
Michelle
Bowman
and
Austan
Goolsbee.
Additionally,
attention
will
be
on
the
US
Consumer
Price
Index
(CPI)
data,
set
to
be
released
on
Thursday.
Market
forecasts
generally
predict
that
the
annualized
US
core
CPI
for
the
year
ending
in
June
will
remain
steady
at
3.4%,
while
headline
CPI
inflation
is
expected
to
increase
to
0.1%
month-over-month
in
June,
compared
to
the
previous
flat
reading
of
0.0%.
The
Australian
Dollar
trades
around
0.6740
on
Wednesday.
The
analysis
of
the
daily
chart
shows
that
the
AUD/USD
pair
consolidates
within
an
ascending
channel,
indicating
a
bullish
bias.
Additionally,
the
14-day
Relative
Strength
Index
(RSI)
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
(EMA)
at
0.6642.
A
break
below
this
level
could
push
the
pair
toward
throwback
support
around
0.6590.
The
table
below
shows
the
percentage
change
of
Australian
Dollar
(AUD)
against
listed
major
currencies
today.
Australian
Dollar
was
the
weakest
against
the
New
Zealand
Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | 0.00% | -0.02% | 0.13% | -0.03% | 0.05% | -0.04% | 0.06% | |
EUR | -0.01% | -0.01% | 0.14% | 0.01% | 0.03% | -0.07% | 0.04% | |
GBP | 0.02% | 0.01% | 0.14% | 0.01% | 0.04% | -0.05% | 0.04% | |
JPY | -0.13% | -0.14% | -0.14% | -0.14% | -0.10% | -0.23% | -0.12% | |
CAD | 0.03% | -0.01% | -0.01% | 0.14% | 0.07% | -0.04% | 0.04% | |
AUD | -0.05% | -0.03% | -0.04% | 0.10% | -0.07% | -0.11% | -0.02% | |
NZD | 0.04% | 0.07% | 0.05% | 0.23% | 0.04% | 0.11% | 0.09% | |
CHF | -0.06% | -0.04% | -0.04% | 0.12% | -0.04% | 0.02% | -0.09% |
The
heat
map
shows
percentage
changes
of
major
currencies
against
each
other.
The
base
currency
is
picked
from
the
left
column,
while
the
quote
currency
is
picked
from
the
top
row.
For
example,
if
you
pick
the
Australian
Dollar
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
AUD
(base)/USD
(quote).
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