The bears have repelled the bulls of AUD/USD as they are US dollars firms.
Consolidation is currently taking place at the AUD/USD price.
RBA Lowe speaks at the top.
Governor Philip Lowe will speak at the top hour, which could add volatility to the pair during a volatile time for the Aussie. Lowe will be appearing before the House of Representatives Committee on Economics, which may provide some insight into the path of future rate hikes from the central bank. The key levels for the remainder of the week are 0.7200, 0.7150.
According to the pre-US inflation analysis, AUD/USD price analysis: Bulls see a break of 0.72, and the price followed suit. The price tested the 0.72 mark before falling back into the bears’ layer. As traders struggle to deal with the implications of high inflation on a macro-scale, the price fell back into its old highs.
The greenback will likely remain stable, barring any major shocks, such as an emergency rate increase by the Federal Reserve or a coordinated agreement between global central bankers. Despite the rising inflation, commodity currencies may be able to withstand it.
