AUD/USD drops to test key support after weak Aussie CPI
The AUD/USD has fallen about 0.5% on the session, making it among the weakest of currency pairs so far in today's session. We had some weaker data from Australia overnight in the form of CPI, coming in at 2.5% vs. 2.6% eyed, and construction work done was half the expected rate at 0.5% q/q.
The focus will turn to the US side of the equation as we head deeper into the week with GDP, Core PCE and a few other data releases to come.
From a technical viewpoint, the AUD/USD is testing a key support zone around 0.6300, which needs to hold on a closing basis to keep the bulls happy. This level was resistance and could turn into support given the recent bullish price action. Here, the 21-day exponential average also comes into focus.
If we see a nice rebound here, this could set the stage for a continuation towards 0.6400 and then 0.6500 thereafter. Let's await a bullish reversal here before potentially looking for setups, at least on the lower time frames.
By Fawad Razaqzada, market analyst with FOREX.com
The focus will turn to the US side of the equation as we head deeper into the week with GDP, Core PCE and a few other data releases to come.
From a technical viewpoint, the AUD/USD is testing a key support zone around 0.6300, which needs to hold on a closing basis to keep the bulls happy. This level was resistance and could turn into support given the recent bullish price action. Here, the 21-day exponential average also comes into focus.
If we see a nice rebound here, this could set the stage for a continuation towards 0.6400 and then 0.6500 thereafter. Let's await a bullish reversal here before potentially looking for setups, at least on the lower time frames.
By Fawad Razaqzada, market analyst with FOREX.com
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。