The AUD/USD pair faced an intense sell-off while attempting to recapture the crucial resistance of 0.6400 on Wednesday. The Aussie asset drops despite
Major contributors to a rebound in Australian inflation were rising energy prices and house rentals.
The AUD/USD pair faced an intense sell-off while attempting to recapture the crucial resistance of 0.6400 on Wednesday. TheAustralia’s monthly CPI rebounded to 5.2% from July’s reading of 4.9% as expected by the market participants. Major contributors to a rebound in Australian inflation were rising energy prices and house rentals. An expected rise in inflation has spurred expectations of one more interest rate hike from the Reserve Bank of Australia .
The Relative Strength Index slips into the bearish range of 20.00-40.00, which indicates that the bearish impulse has been triggered.
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