AUD/USD trims some losses but remains capped below the 0.6450 resistance area

• AUD/USD bounced up on stronger-than-expected Australian inflation figures.
• The pair maintains its immediate bearish trend intact, with bulls capped below 0.6450-0.6460.
• The daily chart features an "evening Star" pattern, a bearish sign.

The Aussie Dollar is posting marginal gains on Wednesday following a 0.70% decline during the last two days. The above expectations Australian CPI reading has provided some support to the Aussie, bit it still remains below the 0.645-0.6460 resistance area, which leaves the bearish trend intact.

Data released earlier on Wednesday revealed that the Australian CPI remained steady at a 2.4% yearly rate, against market expectations of a slight decline to 2.3%. The RBA's preferred trimmed mean gauge accelerated to 2.8% from 2.7% in the previous month.

AUD/USD shows an Evening Star in the daily chart

Tuesday's impulsive bearish reaction, coupled with Monday´s Doji candle, has completed an "Evening Star" candle formation at the top of the rally from Early April lows. This is a bearish sign that often anticipates trend reversals.

Price action has been showing hesitation over the latest session, with bulls capped below the 0.6450-0.5460 resistance area (intraday levels), which closes the path towards the May 27 high, at 0.6495.

Failure to break above here would put the 0.6225 back in play.
Below here, the next support levels are 0.6390 (May 16 low) and the 0.6340 -0.6360 area.

AUD/USD Daily Chart