FxWirePro: AUD/USD slips following softer TD-MI inflation gauge

• AUD/USD dipped against dollar as Australian dollar weakened following TD-MI Inflation Gauge data.

• Australia's TD-MI Inflation Gauge, which tracks monthly changes in consumer prices, showed inflation eased in the latest reporting period..

•   The Reserve Bank of Australia will hold its next monetary policy meeting early next month, with the TD-MI Inflation Gauge among the key data releases likely to influence the board's decision.

• Sarah Hunter, Assistant Governor at the Reserve Bank of Australia, is scheduled to deliver a speech in Canberra on Wednesday, with investors watching for fresh signals on the central bank's policy outlook.

• Markets are wagering the RBA is mostly done hiking after three rate rises this year to 4.35%, with just 10 basis points of tightening priced in for the rest of the year.

•  Immediate resistance is located at 0.6974(SMA 20), any close above will push the pair towards 0.6985(38.2%fib).

•  Support is seen at 0.6817(23.6%fib) and break below could take the pair towards 0.6846(Lower BB).

 Recommendation: Good to sell around 0.6940 with stop loss of 0.7000 and target price of 0.6880