AUD/USD Technical Analysis: Post-Aussie CPI slump sets the stage for a test of 0.70 handle
|• The pair extended last week's rejection slide from the very important 200-day SMA and the selling pressure intensified on Wednesday following the release of softer Aussie CPI figures.
• The pair lost ground for the fifth consecutive session and a sustained break through a short-term ascending trend-line, near the 0.7100 mark, was seen as a key trigger for bearish traders.
• Despite a sharp intraday slump to the lowest level since March 11, technical indicators on the daily chart are still far from being in the oversold territory and support prospects for further downside.
• Hence, any attempted recovery towards the 0.7050-60 horizontal zone seems more likely to get sold into and bears might now target an eventual drop towards the key 0.70 psychological mark.
AUD/USD daily chart
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.