AUD/USD flirts with daily low, below 0.7200 mark amid weaker risk sentiment By HareshMenghani AUDUSD RiskAppetite Fed Majors Currencies
Having faced rejection near the 100-day SMA on Thursday, the AUD/USD pair met with a fresh supply on the last day of the week and was pressured by the dominant risk-off theme. Investors turned nervous amid reviving fears about strong inflationary pressures and the prospects for a faster policy tightening by the Fed, which could dent the earnings outlook for companies.
Meanwhile, the global flight to safety dragged the US Treasury bond yields further away from the multi-year highs touched earlier this week. This, in turn, undermined the US dollar and extended some support to the AUD/USD pair, at least for the time being. That said, expectations that the Fed would begin raising interest rates in March to combat stubbornly high inflation continued acting as a tailwind for the greenback.
The fundamental backdrop supports prospects for a further near-term depreciating move. The negative outlook is reinforced by the formation of a bearish flag pattern on the daily. Some follow-through selling below the weekly low, around the 0.7170 area, will validate the bearish bias and turn the AUD/USD pair vulnerable. Investors, however might refrain from placing aggressive bets ahead of the FOMC meeting on January 25-26.
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