The AUD/USD experienced a slight pullback on Tuesday and traded sideways around 0.6420 throughout the day in quiet market conditions. The pair reached
The AUD/USD remained relatively quiet within a narrow range as market participants awaited the release of US consumer inflation figures on Wednesday. The Consumer Price Index is expected to show an increase in the annual rate from 3.2% to 3.6% and a decrease in the Core rate from 4.7% to 4.3%. The market is currently in a wait-and-see mode for these numbers.
No major reports are scheduled in Australia on Wednesday, with the next significant data being employment figures on Thursday. Despite the improved, the Australian Dollar could not benefit significantly, and the momentum was limited, likely contributing to restrained the correction from Monday's gains.
The situation may change on Wednesday, with the US Dollar becoming the primary driver. Market activity could continue on pause until the release of US inflation figures.The AUD/USD is moving around the 20-day Simple Moving Average , staying away from the recent lows but with limited upside momentum. The main trend is down, but the 0.6355 zone is still holding. A break lower would call for further losses.
On the 4-hour chart, it is holding above the 20-SMA with a mildly bullish bias. A decline below 0.6400 would weaken the outlook for the Aussie. On the contrary, consolidation above 0.6440 would open the door to more gains. The MACD favors the upside, but otherSupport levels: 0.6420 0.6400 0.6350
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