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rish bias, unable to benefit from the positive tone in Wall Street and from some optimism from China. The focus turns to inflation data.
The People's Bank of China set the daily yuan fixing stronger than expected for the second day in a row, showing that officials are less willing to deal with the currency's weakness. The central bank continued to inject funds into the financial system. The decision from China boosted the AUD/USD during the Asian session to 0.6720. However, the pair then pulled back, losing momentum even as Wall Street stocks rebounded.
During the Asian session, Australia will release the Monthly Consumer Price Index . The annual rate is expected to fall to 6.1% in May from 6.8%. Last month, the hotter-than-expected reading inclined towards a rate hike from the Reserve Bank of Australia . The central bank will meet next week, and so far, it is expected to keep rates unchanged. However, a rate hike is seen before year-end as inflation remains above the 2-3% target.
On the 4-hour chart, the AUD/USD is moving below a bearish trendline pointing to another test of the 0.6660 support area. A consolidation below this level would clear the way to more losses, initially targeting 0.6625. Below the 0.6600 area would be exposed. On the upside, the same chart shows that a break above the 0.6715 dynamic resistance should negate the bearish bias and could strengthen the outlook for the Aussie, favoring an advance to 0.6750.
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