AUDUSD After the Australian May CPI Inflation

The USD to AUD rate has been confined within a narrow 100-pip range, with moving averages serving as crucial support and resistance levels. These technical indicators have provided traders with clear signals to enter the market, capitalizing on price bounces at either end of the range.

Australian May Consumer Price Index Report

Last night, the May CPI inflation report from Australia was released, which was anticipated to show another increase to 3.8%, continuing the trend of rising inflation seen in March and April. This persistent inflation pressure has been keeping the Reserve Bank of Australia (RBA) leaning towards a hawkish stance.

AUD/USD Chart Daily – MAs

Analysts and investors view the RBA’s hawkish stance as a strong argument for a long position on AUD/USD , reducing expectations for rate cuts. Today’s release of the May Australian CPI YoY results reinforced this sentiment. However, the future of this currency pair will also hinge significantly on the upcoming US core PCE data, which the Federal Reserve is closely monitoring.

May CPI Inflation Report from Australia

 

AUD/USD Live Chart Price

AUD/USD
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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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