Forex
AUD/USD Traders Eye Key Support Level Amid Hawkish RBA Bets
The Australian Dollar (AUD) against the US Dollar (USD) has been trading at $0.7157 after a slight drop in today's session, remaining below its key moving averages.
The pair continues to hold above longer-term support levels while immediate momentum remains subdued.
A stronger-than-expected inflation data released by Australia has led markets to increase the probability of a Reserve Bank of Australia interest rate hike after July inflation exceeded expectations.
AUD/USD trades below key moving averages on short- and medium-term horizons, with bearish momentum dominant and a 74% likelihood of a move to the $0.7122 to $0.7194 range.