FxWirePro: AUD/USD confined to narrow ranges, Aussie under fresh selling pressure as China mulls price controls on coal

AUD/USD chart - Trading View 

AUD/USD was trading largely unchanged on the day at 0.7740 at around 04:40 GMT.

Price action remains capped inside the daily cloud, intraday bias remains neutral.

The Australian dollar remains under pressure on reports that China is mulling price controls on coal prices.

Also, mixed China inflation data has little impact. Data released earlier today showed China’s headline Consumer Price Index (CPI) eased to 1.3% YoY, missing expectations at 1.6%.

On the other side, China Producer Price Index (PPI) jumped the highest since 2008 while marking a 9.0% rally versus 8.5% expected.

Earlier in the day, Australia’s Westpac Consumer Confidence for June dropped below -4.8% previous readouts to -5.2%. 

Technical bias for the pair remains neutral. The pair grinds sideways along 200H MA support. 

The pair remains capped inside daily cloud. Decisive breakout of cloud will provide a clear directional bias. 

Markets trade with a cautious sentiment ahead of the key U.S. data later on Thursday. Focus today on market sentiment for fresh impulse amid a light calendar.