According to Jinshi, the Australian dollar rose after the chairman of the Reserve Bank of Australia, Bullock, said on Wednesday that if the CPI does not return to the target range of 1%-3%, the central bank will be ready to raise interest rates. However, some analysts said that the upside of the Australian dollar may be limited due to the lower-than-expected GDP data. Today, the Australian dollar is trading around 0.6650 against the US dollar. The daily chart analysis shows that the currency pair is bullish as it is still in the rising wedge pattern. In addition, the 14-day relative strength index (RSI) is slightly above the 50 level, which reinforces this bullish tendency.
