AUD to USD Forecast: Can Falling Aussie Confidence Delay RBA Rate Hike?

The CB Consumer Confidence Index fell below 100 in April for the first time since July 2022, with Chief Economist Dana M. Peterson attributing the drop to consumer worries about inflation. Investors should pay attention to FOMC member comments on inflation, the economy, and potential Fed interest rate cuts, with Lisa Cook and Michelle Bowman scheduled to speak. Near-term trends for the AUD/USD pair will depend on inflation data from Australia and the US, potentially leading to a rise in the Aussie dollar if Australian inflation increases and US inflation softens. The AUD/USD price action shows the pair above the 50-day and 200-day EMAs, suggesting bullish signals. A break above the $0.67003 resistance level could push the pair towards $0.67500 and $0.67967. Conversely, a drop below $0.66500 could indicate a move through the 50-day EMA towards the 200-day EMA and $0.65760 support level. The 14-period Daily RSI reading of 53.57 suggests the AUD may reach $0.67500 before becoming overbought.