The Consumer Price Index for Australia was released this morning. According to ForexFactory:

→ CPI in quarterly terms: actual = 1.0%, expected = 0.8%, previous value = 0.6%;
→ CPI in annual terms: actual = 3.5%, expected = 3.4%, previous value = 3.4%.

Rising inflation figures suggest that the Reserve Bank of Australia's tight monetary policy may continue beyond expectations - which is why the Australian dollar has jumped higher relative to other currencies.

Thus, from the minimum of the year against the US dollar, recorded on April 19, the Ausssie rose in price by more than 2%.

Technical analysis of the AUD/USD chart today shows that:
→ the price has reached the median of the ascending channel. Previously, this line served as support (as shown by the arrows), so there is reason to believe that it will provide resistance after rapid growth;
→ at the same time, the key support appears to be the level of 0.64, where the lower border of the channel lies;
→ the RSI indicator is in the overbought zone.

It is possible that in the short term there will be a correction after a sharp increase in the price of AUD/USD — for example, by 50% of the A→B impulse.

And to assess the long-term outlook, the upcoming release of important data for the United States will provide valuable information:
→ US GDP, tomorrow at 15:30 GMT+3
→ Personal Consumption Expenditures (PCE) USA, on Friday at 15:30 GMT+3.

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