AUD/USD Remains Bearish as China and First Republic Bank Weigh on Market
The AUD/USD pair has been in a downtrend since the beginning of April 2023, with the price currently hovering near the key psychological level of 0.6600. The pair has been facing downward pressure due to various factors, including disappointing China activity data, concerns over the First Republic Bank auction, and policy divergence between the Reserve Bank of Australia (RBA) and the US Federal Reserve (Fed).
AUD/USD Sinks as RBA Maintains Neutral Policy Stance
The AUD/USD pair is currently in a bearish trend after breaking down from an Inverted Flag chart pattern. The consistently declining Australian Consumer Price Index (CPI) indicates that the Reserve Bank of Australia (RBA) will keep interest rates steady further, which may continue to pressure the Australian dollar.