AUD/USD Price Analysis: Bulls keep 0.6960 on radar despite mixed China inflation


  • AUD/USD grinds higher even as China CPI improved but PPI eased for December.
  • Successful trading above 200-DMA, previous resistance line from June favor bulls.
  • Two-month-old ascending trend line lures buyers amid bullish MACD signals.

AUD/USD seesaws around the intraday high near 0.6925 even as China prints mixed inflation data for December during early Thursday. In doing so, the Aussie pair extends the previous day’s gains while staying firmer around the highest levels since late August 2022, marked earlier in the week.

That said, China’s headline Consumer Price Index (CPI) grew 1.8% YoY versus 1.8% expected and 1.6% prior whereas the Producer Price Index (PPI) marked -0.7% YoY figures compared to -1.3% previous readings and -0.1% market forecasts.

In addition to the mostly firmer data from Australia’s biggest customer China, the AUD/USD pair’s ability to defend the previous week’s upside break of the 200-DMA and a downward-sloping trend line from June, respectively around 0.6830 and 0.6815, also favor the bulls.

Additionally, keeping the AUD/USD pair on the buyer’s radar are the bullish MACD signals.

As a result, the Aussie pair is well-set to poke a two-month-old ascending resistance line, around 0.6960 at the latest. However, the late August 2022 top surrounding the 0.7000 psychological magnet could challenge the AUD/USD bulls afterward.

Alternatively, AUD/USD downside remains elusive beyond the 0.6815 level comprising the previous resistance line.

Following that, the monthly low of 0.6687 and June 2022 bottom close to 0.6680 could lure the AUD/USD bears before the previous monthly trough surrounding 0.6630.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.6914
Today Daily Change 0.0007
Today Daily Change % 0.10%
Today daily open 0.6907
 
Trends
Daily SMA20 0.6767
Daily SMA50 0.6715
Daily SMA100 0.6635
Daily SMA200 0.6836
 
Levels
Previous Daily High 0.6926
Previous Daily Low 0.6873
Previous Weekly High 0.6887
Previous Weekly Low 0.6688
Previous Monthly High 0.6893
Previous Monthly Low 0.6629
Daily Fibonacci 38.2% 0.6906
Daily Fibonacci 61.8% 0.6893
Daily Pivot Point S1 0.6878
Daily Pivot Point S2 0.6849
Daily Pivot Point S3 0.6825
Daily Pivot Point R1 0.6931
Daily Pivot Point R2 0.6954
Daily Pivot Point R3 0.6983

 

 

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