The AUD/USD price analysis shows massive bearish momentum as the Aussie suffers after unexpected rate cuts by the People’s Bank of China. Meanwhile, investors were gearing up for more inflation data from the US that will affect Fed rate cut expectations. On Monday, China unexpectedly cut rates to spur economic growth after data for the second quarter reflected poor economic performance. The last time the country made such a move was in August last year. The move led to a sharp decline in the Aussie, which reflects the Yuan. The economic situation in China remains bleak. The property crisis continues, and the country is verging on disinflation. Therefore, top officials met and decided the best move was to lower borrowing costs.Meanwhile, the Aussie has fallen since its rally on Thursday last week when Australia’s employment showed a jump in jobs. Since then, the currency has been vulnerable to dollar and yuan moves. Notably, the dollar recovered towards the end of the week amid safe-haven inflows. The unexpected cyber outage on Friday hurt risk sentiment, pushing the Aussie lower. On the other hand, the dollar rallied, ending a period of weakness caused by an increase in Fed rate cut expectations. This week, investors will focus on PMI, GDP, and inflation data from the US. On Friday, the focus will be on the core PCE price index, which might show a 0.2% increase. This forecast is bigger than the previous increase of 0.1%. A smaller-than-expected figure would confirm the downtrend in inflation. AUD/USD key events todayNo high-impact reports will come from Australia or the US today. Consequently, the price might extend Monday’s move. AUD/USD technical price analysis: Solid bearish momentum charges for 0.6600 support AUD/USD 4-hour chart On the technical side, the AUD/USD price is in freefall and recently broke below the 0.6640 support level. The price has steeply declined since it broke below and retested its bullish trendline. The decline has been sharp, breaking below support levels with few shallow pauses. Consequently, the bearish bias is strong. The next target for this decline is at the 0.6600 support level. Here, the price might pause for a pullback before the downtrend continues.More By This Author:USD/CAD Price Analysis: BoC’s Rate Cut Hopes Trigger BuyingGBP/USD Forecast: Pound Crawls Higher Amid Positive PMI DataGBP/USD Forecast: Pound Weakened On Dismal Retail Sales