The Australian dollar inched higher, supported by upbeat CPI, in Q2. Though price action struggles to bounce back after it broke below 0.7410, support from the previous timid rebound.
Sentiment has grown increasingly bearish and sellers are eager to offer at higher prices. 0.7440 has turned from a demand into a supply zone.
If buyers fail to push above this threshold, 0.7290 would be the path of least resistance. A bearish breakout could trigger a new round of sell-off to last November’s lows around 0.7130.
