Markets are slow following sharp risk-off moves two days after the US CPI miss. So, for now, USD remains strong, even with commodity currencies such as AUD/USD and gold trying to break the support.
Employment data in Australia also came down slightly below expectations. RBA is not that hawkish and has been looking for reasons to slow down the hiking rates policy. This can result in lower prices in AUDUSD.
Even from an Elliott wave perspective, we see the pair in a bearish mode that can resume after the A-B-C rise. The first resistance is at 0.6775, and the second one is at 0.6820. Ongoing recovery on USD/CNH also suggests more upside, which can be bearish for gold and Aussie.
