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DailyBubble News

AUD/USD Weekly Forecast: Greenback Weak, Focus on US CPI

The Reserve Bank of Australia (RBA) did not meet expectations of being hawkish, leading to a slightly bearish week for the AUD/USD pair. This came after Australia reported higher-than-expected figures for Q1 inflation and employment. The Aussie fell as economists anticipated a rate hike signal from the RBA, which did not materialize. Additionally, the dollar weakened after a jump in unemployment claims, indicating softer labor market conditions.

Looking ahead, the AUD/USD weekly forecast remains bullish, with a focus on the US inflation report. Major reports from the US next week will include inflation and retail sales, impacting the Federal Reserve’s monetary policy decisions. Meanwhile, Australia’s employment figures will also be closely watched to gauge the state of its resilient labor market.

On the technical front, the AUD/USD price remains bullish on the daily chart, supported by the 22-SMA and RSI above 50. However, the price has been trading sideways between the 0.6475 support and 0.6650 resistance levels. Bulls face a solid barrier at the 0.6650 level, which is reinforced by key Fib levels. Breaking past this resistance could pave the way for a move towards the 0.6850 level, while a failure could lead to a retest of the 0.6475 support level.

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