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AUD/USD
AUD/USD buyers attempted to test the key resistance level around 0.7100 today. The attempt failed, with the price retreating sharply from the level and forming a doji pattern. The appearance of a doji near resistance indicates buyer indecision and increases the likelihood of a corrective decline towards 0.7020–0.7040. The bearish scenario would be invalidated by a firm break and close above 0.7100.
Key events for AUD/USD:
▪️tomorrow at 02:30 (GMT+3): speech by Reserve Bank of Australia Governor Michele Bullock;
▪️tomorrow at 04:30 (GMT+3): Australian housing finance data;
▪️tomorrow at 15:30 (GMT+3): US core retail sales.
Overall, the inflation data allowed the US dollar to recover some of its earlier losses, but did not provide the market with sufficient grounds for a new sustained move. The further dynamics of AUD/USD and USD/CAD will depend on today’s US producer-price and labour-market data. Stronger-than-expected figures could support the US dollar and increase pressure on commodity currencies, while weaker data could revive expectations of a more dovish Fed policy and limit the dollar’s recovery.
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