AUD/USD analysis: neutral-to-bearish ahead of the Asian opening
|AUD/USD Current price: 0.7899
- Australian Q4 wage price index to be released early Asia.
- AUD/USD near strong support, bearish breakout not yet confirmed.
The AUD/USD pair posted a modest daily lost this Tuesday, but held above the 0.7890 figure by the end of the day, despite a fresh weekly low 0f 0.7879. The greenback appreciated against most of its major rivals, but some strong levels held, like the 0.7890 Fibonacci support in AUD/USD. The RBA released the Minutes of its latest meeting at the beginning of the day, but as usual, policymakers repeated that despite the outlook for the domestic and global economy have improved, inflation is expected to rise only gradually, re-asserting that they are in no rush on raising rates. The statement also indicated that inflation is likely to rise only gradually, and therefore there's no rush in rising rates. Australia will release its Q4 wage price index during the upcoming Asian session, seen unchanged at 0.5% quarterly basis and at 2% YoY. The pair presents a neutral stance, although bearish pressure is building up after the lower low. In the 4 hours chart, the price is unable to recover above a flat 20 SMA, currently around 0.7920, but struggling around a horizontal 200 EMA and the mentioned Fibonacci level. Indicators hold below their mid-lines with different directional strength, anyway leaning the scale toward the downside.
Support levels: 0.7890 0.7850 0.7810
Resistance levels: 0.7930 0.7965 0.8000
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.