AUD/USD Price Forecast: Recovers further as RBA reiterates commitment to bring inflation down
The Australian Dollar (AUD) outperforms its currency peers on Friday, trading 0.18% higher at around 0.7122 against the US Dollar (USD) during the European trading session. The antipodean strengthens as Reserve Bank of Australia (RBA) Governor Michele Bullock warns of upside inflation risks.
The Australian Dollar (AUD) made a gain against the US Dollar (USD) on Friday, climbing 0.18% to trade around 0.7122 amid European trading hours. Reserve Bank of Australia (RBA) Governor Michele Bullock cautioned of potential upside inflation risks during her testimony before the Parliamentary Committee. RBA Deputy Governor Andrew Hauser indicated that additional interest rate hikes may be necessary to control inflation.
The US Dollar (USD) faced strength as traders anticipated at least one more rate hike by the Federal Reserve (Fed) this year. Analysts noted that the US Dollar Index surged from around 100 to 100.3 following the Fed's rate hike and portrayed a "sizeable upward shift in the dots." The AUD/USD pair traded at 0.7124, trading below the crucial 20-day exponential moving average (EMA) support of 0.7142.
Immediate resistance was found at the same EMA level, while the September 16 low served as the primary support.
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