The United States Consumer Price Index in Michigan, Pushes up the AUD Against USD

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Luckily today, with a price near to 0.7000, the AUDUSD has labeled itself as a flashing green sticker on the graph, the current AUDUSD condition is very appreciable and, more pertinently, it values it’s worth day by day.

The Australian currency has been loving its bullish trend since June 23, 2020, by printing the higher high lift on the upper side of the AUDUSD price move.

With the highest support rates that function behind this success, numerous updates place their huge portion in the updated AUDUSD, either from Australia, or America. Now we will be addressing the news from the United States, whose decline truly works in appreciating the AUD or worsening the US Dollar.

The news that places its share in the prosperity of AUDUSD is the U.S. Michigan Consumer Price Index, which this month dropped by 5.1 points compared to last month ‘s survey.

The Michigan Consumer Sentiment Index published by the University of Michigan is a survey of confidence in economic activity by private consumers.

AUDUSD

The price movement shows that it will follow the bullish trend for a while because of the levels of support that would completely shield it from the fall. At first, there are two trend lines, parallel to each other at 0.6955 and 0.6805 shortly after the price respectively, and not too far there is flat horizontal support standing at 0.6830 to assist the price of the pair.

Conclusion

AUDUSD ‘s market supported the short- and medium-term traders against it, and because of its bullish trend, the market will recommend for its investors.

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