FxWirePro: AUD/USD neutral in the near-term, scope for downward resumption
AUD/USD pair declined on Tuesday as the pair was weighted down after dollar rose across the board after unexpectedly strong data on U.S. October retail sales. The greenback was also lifted in the wake of a higher inflati…
AUD/USD pair declined on Tuesday as the pair was weighted down after dollar rose across the board after unexpectedly strong data on U.S. October retail sales.
The greenback was also lifted in the wake of a higher inflation outlook under the administration of President-elect Donald Trump.
Trump has vowed to increase infrastructure spending to boost the economy, a move that would stoke inflation. Rising inflation tends to erode bond prices, pushing yields higher.
The currency pair is trading around 0.7543 levels, it is set to decline further towards 0.7500 later towards 0.7450 levels in the short term.
To the upside, immediate resistance can be seen at 0.7553, a break above this level would take the pair towards next resistance level at 0.7609.
To the downside, immediate support can be seen at 0.7500, a break below this level will open the door towards next level at 0.7432.
