The AUD/USD reached two-week highs on Wednesday, boosted by a weaker US Dollar, but then pulled back, erasing all gains after failing to hold above 0.
will likely be welcomed by the Reserve Bank of Australia and practically solidifies the expectation of no rate hike at the next meeting. Another report showed that Building Permits declined by 8.1%, which was worse than the expected 0.8% increase. However, the inflation figures and the decline in building approvals did not weigh heavily on the Australian Dollar. On Thursday, Australia will release Private Capital Expenditure and Price Secta.
Data from the US again came in below expectations. According to Automatic Data Processing , private employment grew by 177,000, below the market consensus of 195,000. Q2 GDP growth was revised lower from 2.4% to 2.1%. On Thursday, the focus will be on the Federal Reserve's preferred inflation gauge, the Core PersonalPrice Index. Additionally, the weekly Jobless Claims and the Chicago PMI will be released. On Friday, the official employment report will be published.
The US Dollar dropped again on Wednesday but showed signs of stabilization later. The data due on Thursday will be critical. In Wall Street, the positive mood vanished and weighed on the Aussie. Chinese data during Thursday's Asian session will also be important for market sentiment and, therefore, the AUD/USD.The bullish momentum of AUD/USD faded above 0.6500 and pulled back. It is hovering around the 20-day Simple Moving Average .
On the 4-hour chart, AUD/USD maintains a bullish bias; however, the retreat may continue as long as it remains below 0.6500. The bearish correction could extend to 0.6450 and find support at the next level of 0.6440. Below 0.6440, the pair may test a trendline at 0.6410. If the price falls below that level, the short-term bias will favor the US Dollar.
On the upside, if the pair consolidates above 0.6500, further gains are likely, with an initial target at 0.6530, followed by 0.6550.
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