$AUD/USD (AUDUSD.FX)$ AUDUSD H4 Australia released the weigh...

AUDUSD H4

Australia announced the weighted CPI inflation data for July yesterday, with a final data of 3.5%, which was lower than the previous value of 3.8% and became a new low since March of this year, but it is still not as expected at 3.4%. After the data was released, the Australian dollar briefly surged above the 0.680 level and reached the highest point since January 3rd, but it did not hold steady and continued to fall below 0.680. The cooling of inflation data suggests that price pressures have temporarily eased, which also supports the previous reason for the Reserve Bank of Australia to maintain high interest rates unchanged. After the data was released, several investment banks also stated in articles that the prospects for the Reserve Bank of Australia's interest rates are not as fast as the Federal Reserve, and the narrowing of interest rate differentials will further boost the Australian dollar in the future. Similarly, attention will be focused on the economic data of the United States in the next two days, as it directly affects the global economy.

Technically, the Australian dollar rose yesterday in conjunction with the CPI data, but the continued rebound of the US dollar's low rebound for the year forced the price to fall back, and it rebounded after two consecutive days of falling to the previously mentioned support level of 0.675. Currently, the gap at 0.680 has been opened, and the trend may change from the previous strong rise to consolidation. Pay attention to the support level at 0.675 for the bottom.

First line of resistance at 0.680, second line of resistance at 0.682, third line of resistance at 0.684.

Bottom line support at 0.678, second line support at 0.677, third line support at 0.676.

# This recommendation is general in nature and does not take into account your specific financial situation and needs. Investment involves risks, so please evaluate carefully. #