Aussie Dollar Rises as Australian Fed President Bullock Hints at Possible Rate Hike

The Australian dollar rose after Australian Federal Reserve President Bullock said on Wednesday that the central bank would be prepared to raise interest rates if CPI did not return to its target range of 1%-3%. However, some analysts said the Aussie's upside could be limited due to weaker-than-expected GDP data. The AUDUSD is trading around 0.6650 today. Daily chart analysis shows a bullish bias for the pair as it remains within a rising wedge pattern. Moreover, the 14-day Relative Strength Indicator (RSI) is slightly above the 50 level, reinforcing this bullish bias.