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AUD/USD Struggles to Bounce

The Australian dollar struggles over downbeat inflation expectations. The downtrend accelerated after the aussie cut through the demand area around 0.6400. An oversold RSI caused a rebound as intraday traders started to take profit. Still, the directional bias remains down and the bears could be waiting to double down at a better price. 0.6340 is the first hurdle and 0.6430 a congestion area from the previous brief consolidation. On the downside, a fall below 0.6200 would open the door to April 2020’s low at 0.6000.

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