The Australian dollar steadies as inflation expectations beat estimates. After the pair found support over 0.6270, a lack of new lows suggests the sell-off has lost steam. Then a close above the major supply area 0.6520 may have reversed the situation by putting the bears on the defensive. The RSI’s double top may cause a pullback as momentum buyers take profit. 0.6400 is the first support and 0.6340 a key level to keep buyers interested. A bounce back above 0.6520 would extend the recovery towards 0.6650.
