![](https://www.openenterprisenews.com/wp-content/uploads/2018/04/sorry-image-not-available.jpg)
Image Source: Unsplash
The Australian Dollar (AUD) holds gains on Thursday after the release of soft Consumer Inflation Expectations for July by the Melbourne Institute, which presents consumer expectations for inflation over the next 12 months.The AUD/USD pair receives support from increasing expectations that the Reserve Bank of Australia (RBA) may delay the global rate-cutting cycle or possibly raise interest rates again. Recent data showed a decline in Australian consumer confidence in July, contrasted by a surge in business sentiment, reaching a 17-month high in June.The US Dollar (USD) loses ground, potentially influenced by the lower US Treasury yields. Traders are looking to the upcoming US Consumer Price Index (CPI) data for June, due on Thursday, for further insights into the Federal Reserve’s (Fed) monetary policy stance.Market forecasts generally predict that the annualized US core CPI for the year ending in June will remain steady at 3.4%. Meanwhile, headline CPI inflation is expected to increase to 0.1% month-over-month in June, compared to the previous flat reading of 0.0%.
Daily Digest Market Movers: Australian Dollar improves due to hawkish sentiment surrounding the RBA
Technical Analysis: Australian Dollar maintains position around 0.6750
The Australian Dollar trades around 0.6750 on Thursday. The Analysis of the daily chart shows that the AUD/USD pair consolidates within an ascending channel, indicating a bullish bias. Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, confirming the bullish momentum.The AUD/USD pair may test the upper boundary of the ascending channel at approximately 0.6785. If it breaks through this level, the pair could target the psychological level of 0.6800.On the downside, the AUD/USD pair may find support around the lower boundary of the ascending channel at 0.6675, with additional support near the 50-day Exponential Moving Average (EMA) at 0.6646. A break below this level could push the pair toward the throwback support around 0.6590.
AUD/USD: Daily Chart
AUSTRALIAN DOLLAR PRICE TODAY
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar. More By This Author:USD/CAD Holds Ground Around 1.3650 Due To Lower Oil Prices, Hawkish Fed EUR/JPY Price Analysis: Holds Position Around 174.50 With An Overbought ConditionWTI Depreciates To Near $81.50, Saudi Expects To Rebound Oil Exports To China