FxWirePro: AUD/USD erases early gains, Aussie CPI data has little impact
AUD/USD chart - Trading View
AUD/USD was trading largely unchanged at 0.7356 at around 06:15 GMT, trades mostly sideways after CPI data.
Australia Q2 CPI headline rate printed at 3.8% YoY inline with expectations. On a quarterly basis CPI stood at 0.8% QoQ vs. 0.7% expected and prior 0.6%.
Trimmed mean remains below the Reserve Bank of Australia's target band of 2-3% and arrived at 1.6% YoY vs the prior 1.1%.
Australia CPI data which was largely inline with expectations had little impact on the AUD. Major trend remains bearish.
'Death Cross' (bearish 50-DMA crossover on 200-DMA) confirmed on the daily charts keeps scope for downside.
Price action is below cloud and major moving averages. Bears are on track to test 200-week MA at 0.7229.