Aussie tumbled overnight after much weaker than expected quarterly inflation report which, among other things, showed Trimmed Mean CPI (YoY) falling below RBA's target band of 2.0% - 3.0%. Expectations for a rate cut by the bank next week surged.

The pair lost 150+ pips since the release and seems to be making a short-term bottom ahead of 23.6% retracement of the January - April rally. 50 DMA is the next stronger support level and then 0.7450 - 0.75 band. 0.7650 - 0.77 likely becomes a sell zone now.

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