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AUD/USD waiting for Australian inflation readings

FXStreet (Buenos Aires) - Australian dollar retraced from its daily high of 0.8832 against the greenback, trading now steady around 0.8780. Despite dollar mild positive tone across the board, the pair seems reluctant to move too far away, in the light Australian inflation figures. Yearly basis, the reading is expected at 2.3% from previous 3.0% while quarterly reading is also expected to shrink from 0.5% to 0.4%.

Technically, and according to Valeria Bednarik, FXStreet chief analyst, “the pair seems to have established a new one in the upper high of the widest between 0.8640 and 0.8820, now finding short term buyers on approaches to 0.8730. Australia will release its monthly inflation numbers over upcoming Asian hours, and those will probably set the tone for the pair. In the short term, the 1 hour chart shows a mild bearish tone as indicators enter negative territory, while price develops below a flat 20 SMA. In the 4 hours chart technical readings remain firmly neutral; short term levels to watch before upcoming news are then 0.8820 to the upside, and mentioned 0.8730 to the downside.”

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