AUD/USD Plunges to 0.6600 Ahead of US CPI Data, Risk-Off Sentiment Prevails

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AUD/USD faces a significant sell-off, dropping to 0.6600 as market uncertainty intensifies ahead of Tuesday’s US Consumer Price Index (CPI) release. Risk aversion favors safe-haven

AUD/USD faces a significant sell-off, dropping to 0.6600 as market uncertainty intensifies ahead of Tuesday’s US Consumer Price Index (CPI) release. Risk aversion favors safe-haven assets, weighing on the Aussie.

Key Factors:

  • US CPI Data: Market focus is on inflation figures, which will influence Fed policy outlook and USD direction.
  • Risk Sentiment: Negative market sentiment supports the safe-haven US dollar.
  • RBA Outlook: Australia’s Financial Review Business Summit, featuring RBA Chief Economist Sarah Hunter, could provide insights into GDP projections and economic risks.

Technical Outlook:

  • Failed Breakout: AUD/USD’s inability to break decisively above the Ascending Triangle pattern signals a potential downside.
  • RSI Retreat: The Relative Strength Index (RSI) falls back into the 40.00-60.00 range, indicating market indecision.
  • Support & Resistance: Key levels to watch include 0.6579 (Feb 20 high), 0.6530 (Feb 26 low), and 0.6688 (Dec 4 high).

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