The Australian dollar has shown a strong rally recently due to lower than expected consumer price index numbers in the United States. This has led traders to believe that the Federal Reserve may need to cut rates later this year. Short term pullbacks are seen as buying opportunities as the currency has broken out of a significant symmetrical triangle. Support levels are expected at the previous downtrend line and around the 0.67 level.
On the upside, the 0.6850 level has historically offered resistance, but it is too early to determine if the currency will break through. With traders anticipating a potential rate cut by the Federal Reserve, the US dollar is under pressure. It will be important to monitor how this situation unfolds in the coming days.