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AUD/USD dips but stays near recent highs amid USD support
FXStreet notes AUD/USD is around 0.7164, while USD is supported by a US Treasury plan to repurchase long-term securities.
The Australian dollar slipped slightly against the US dollar on Monday, with AUD/USD trading around 0.7164, just below a 12-week high of 0.7180 reached last Friday, according to FXStreet.
FXStreet pointed to a mildly risk-averse market mood weighing on the Aussie, while US dollar strength was tied to the US Treasury’s plan to repurchase long-term securities.
The article also cited Wells Fargo expectations for inflation in July, including a forecast 1.0% increase for headline inflation and a decline in the year-over-year rate to 3.4%, plus a trimmed mean reading at 3.6% year over year.
Technical indicators in the report showed signs of exhaustion, including a bearish divergence on the 4-hour RSI (14), with key levels highlighted near 0.7130 on the downside and 0.7200 on the upside, and a potential longer-range target near 0.7280 if gains extend.