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AUD/USD Rebound Pulls RSI Out of Oversold Territory
AUD/USD bounces back from a fresh yearly low (0.6363) as the US Dollar weakens against all of its major counterparts, and the move above 30 in the RSI may keep the exchange rate afloat over the coming days as it offers a textbook buy signal. However, the update to the US Personal Consumption Expenditure (PCE) Price Index may drag on AUD/USD as the core rate, the Federal Reserve’s preferred gauge for inflation, is expected to increase to 4.7% in August from 4.6% the month prior, and signs of sticky price growth may encourage the Federal Open Market Committee (FOMC) to retain its approach in combating inflation as ... (full story)