The Aussie did very little during the trading session, but it held onto the 50-day EMA as support. Ultimately, we are still in the range, but now that the CPI has been at least in the United States, traders are again starting to focus on the long term. If this is the case, then it is quite logical that this pair is likely to creep up, possibly to the level of 0.7850. That being said, I don’t necessarily think massive success will be easy as a result. That said, it definitely looks like there is quite a bit of pressure from buyers underneath it. With this in mind, buying short-term downturns can still produce good results.
AUD / USD Video 11.06.21
On the other hand, even if we break slightly, it is very likely that we will continue to see support around the 0.7650 level, perhaps even the 0.76 handle. In that case, I think that if we do roll back, there will be many buyers looking for “value,” but I would not look for any major breakout in the short term. If we did break below 0.75, it could have happened throughout the entire uptrend, but I just don’t see any evidence to support this right now as inflation seems to be picking up and this could continue to push commodity prices higher. helping the Australian dollar as a whole.