Chart - Courtesy Trading View
AUD/USD was trading 0.24% lower on the day at 0.7337 at around 08:17 GMT.
The pair has snapped 2 straight session's of gains and is poised for further downside.
On the weekly charts the pair has formed a spinning top at weekly cloud resistance.
5-DMA has turned south, Chikou span is biased lower. However, MACD and ADX still support gains.
Jump in China’s daily covid infections and fears over escalating Russia-Ukraine crisis keep the antipodeans depressed.
US inflation data on Thursday stoked hopes of faster rate hikes from the Fed. Focus now on Michigan Consumer Sentiment Index for further impetus.
Aussie fails to benefit from hawkish comments from the Reserve Bank of Australia (RBA) Governor Philip Lowe earlier today.
RBA’s Lowe noted core inflation in Australia was still modest at 2.6% and wages were growing only gradually, which allowed time before a hike.
Technical bias for the pair remains bullish. Retrace below 200-DMA could change near-term dynamics.
