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AUD/USD upside is losing momentum

FXStreet (Moscow) - AUD/USD is trading just under the support area of 0.9345/50 after starting the day at 0.9324; Aussie needs fresh stimulus to continue the upside.

Will Aussie bulls lift their heads up?

Looks like Aussie is getting ready to have its sixth bullish day in succession as it gained 10 pips on the intraday basis on Monday and went on rising on Tuesday. Much expected RBA minutes turned out to be a non-event, as the document contained hardly anything new. The only interesting comments are related to the easing financial conditions, which is regarded as slightly positive for Aussie. Later during the day investor’s focus will shift onto US macroeconomic statistics. CPI report might show that the consumer prices in USA excluding food and energy increased 0.2% in July from the previous month after 0.1% in June. Growing inflation is a positive sign, though it is still too slow to boost Fed rate hike expectations. From the technical point of view, keep an eye at 0.9345/50 resistance, once it is clearly broken, the pair may extend the upside towards 0.9380 where fresh offers are spotted. The support comes at 0.9315 and followed by 0.9300.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9323, with support below at 0.9310, 0.9295 and 0.9282, with resistance above at 0.9338, 0.9351 and 0.9366. Hourly Moving Averages are mixed with the 200SMA bullish at 0.9294 and the daily 20EMA flat at 0.9327. Hourly RSI is bullish at 65.

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