The Australian Dollar (AUD) experiences volatility on Wednesday.
The Australia n Dollar could lose ground by receiving pressure from a hawkish speech by a Fed member. Fed member Dr. Adriana Kugler indicated to maintain rates for longer if upcoming data does not confirm a slowdown in inflation. Australia ’s 10-year government bond yield steadies around 4.2%, its lowest level in three weeks. The Australia n Dollar experiences volatility on Wednesday.
The daily chart analysis shows that the AUD/USD pair consolidates within an ascending channel, indicating a bullish bias. However, the 14-day Relative Strength Index declines toward the 50 level, suggesting a correction. A further decline could weaken the bullish trend. The AUD/USD pair may test the psychological level of 0.6800. A breakthrough above this level could support the pair to approach the upper boundary of the ascending channel near 0.6820.
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