AUD/USD rejected at key resistance ahead of Australian inflation data
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Aussie recovers from Friday’s strong decline as US Dollar slips. Trump’s next tariff moves keep the global trade outlook on edge. RBA’s cautious stance on further easing resonates with markets. Investors watch upcoming Australian inflation data for policy cues. AUD/USD managed to regain some upside traction and reverse Friday’s strong decline, revisiting the vicinity of the 0.6400 mark but then buyers quickly rejected it. During the American session, United States (US) President Donald Trump confirmed tariffs against Mexico and Canada’s goods but didn’t offer further details on its policy plans on China. Daily digest market movers: Aussie eyes RBA CPI outlook as trade tensions linger US President Donald Trump indicated possible 25% tariffs on cars, pharmaceuticals, semiconductors, and lumber, potentially starting in the coming weeks, which could reignite global trade worries. The Australian Dollar (AUD) trades in a cautious stance as market participants anticipate monthly Consumer Price Index (CPI) data for January, projected to accelerate by 2.6% from December’s 2.5%. Last week, the Reserve Bank of Australia (RBA) trimmed its Official Cash Rate (OCR) for the first time since November 2020 but reiterated that its fight against inflation is not complete, offering cautious guidance on further easing. In a quieter start to the trading week, the US Dollar (USD) alternated between minor gains and losses. AUD/USD technical outlook: Momentum stalls at 100-day SMA as indicators show signs of fatigue The AUD/USD pair mildly rose to a higher zone on Monday, but it encountered robust resistance at the 100-day Simple Moving Average, leading to a partial retracement. The Relative Strength Index (RSI) sits in the upper positive territory yet is declining, suggesting that the bulls might be losing momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram prints flat green bars, reinforcing the idea of a waning uptrend. While the pair…
Filed under: News - @ February 24, 2025 11:23 pm