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FxWirePro: AUD/USD trades rangebound above 5-DMA support, better-than-expected Q4 inflation data fails to impress Aussie bulls

AUD/USD chart - Trading View 

AUD/USD was trading rangebound at 0.7744 at around 06:00 GMT, with session high at 0.7763 and low at 0.7729.

The major was largely unimpressed despite better-than-expected Q4 inflation data. Caution prevails ahead of FOMC interest rate decision.

December quarter CPI printed at 0.9% y/y, greater than market median forecast and prior quarter reading of 0.7%. 

The core measures were inline with expectations, with the trimmed mean lifting 0.4% while the weighted median gained 0.5%. 

Major trend is bullish as evidenced by the GMMA indicator. The pair holds support at 21-EMA and weakness only on break below.

Resumption of upside will see test of 88.6% Fib at 0.7836 ahead of 200 month MA at 0.8250. 

Focus on US Durable Goods Orders, and the Federal Reserve monetary policy announcement for direction.
 

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