Technically, the pair maintains a bearish bias, as the 4 hours chart shows that the price stands well below a bearish 20 SMA, currently around 1.4870, whilst the Momentum indicator retraces from the 100 level and heads south and the RSI indicator hovers directionless around 42. The pair however, will likely consolidate ahead of the news, with a price acceleration below the 1.4785 level favoring additional declines towards the 1.4730 price zone in the short term. The upside seems more limited, with some follow through above the mentioned 1.4870 level required to confirm another leg higher towards the 1.4920/40 price zone.
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AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
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The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.