AUD/USD regains lost ground an returns to levels near 0.6300


  • The aussie bounces up from six-month lows at 0.6170 and returns to 0.6300.
  • The US dollar losses ground as the effect of US CPI data ebbs.
  • AUD/USD might depreciate below 0.6000 – ING.

The Australian dollar is going through a sharp recovery during Thursday’s US session erasing loses from earlier on the day. The pair has bounced from six-month lows at 0,6170, returning to levels right below 0.6300 and turning positive on the day.

The US dollar retreats from highs

The Aussie pares losses with the US dollar losing ground as the effect of the US inflation report start to settle. Investors might be coming to terms with the idea that a 100 BP rate hike in November is rather unlikely, especially after the moderately dovish tone of September’s FOMC minutes.

According to the US CPI data, prices accelerated at a 0.4% pace in September, well beyond expectations of a 0.2% increase, with the year inflation surging 8.2% higher. These figures triggered hopes that the Federal Reserve could increase borrowing costs at a more aggressive pace in November.

Federal Fund Futures have priced in a 13% chance of a 100 basis points rate hike immediately after the data release and the US dollar surged across the board. The US Dollar Index (DXY) appreciated to a fresh 20-year high at 114.70 to pull down to the 112.00 area at the moment of writing.

AUD/USD might extend losses below 0.6000 – ING

On a longer-term perspective, currency analysts at ING, observe see the Aussie likely to extend its decline to levels below 0.6000: “We remain bearish on AUD/USD into year-end, as risk sentiment fragility, China’s economic (and currency) woes and a strong USD (…). A break below 0.60 this year is entirely possible.”

Technical levels to watch

AUD/USD

Overview
Today last price 0.6273
Today Daily Change -0.0004
Today Daily Change % -0.06
Today daily open 0.6277
 
Trends
Daily SMA20 0.6504
Daily SMA50 0.6741
Daily SMA100 0.6852
Daily SMA200 0.7042
 
Levels
Previous Daily High 0.6299
Previous Daily Low 0.6235
Previous Weekly High 0.6548
Previous Weekly Low 0.6354
Previous Monthly High 0.6916
Previous Monthly Low 0.6363
Daily Fibonacci 38.2% 0.6275
Daily Fibonacci 61.8% 0.626
Daily Pivot Point S1 0.6242
Daily Pivot Point S2 0.6207
Daily Pivot Point S3 0.6178
Daily Pivot Point R1 0.6305
Daily Pivot Point R2 0.6334
Daily Pivot Point R3 0.6369

 

 

 

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