- Aussie trading steady and back over 0.74 ahead of Wednesday's CPI showing.
- A missed inflation reading could see bears back in control of the AUD/USD in the medium-term.
The AUD/USD is trading near 0.7420 heading through Wednesday's overnight session after catching some lift on Tuesday to recapture the 0.7400 major level as the US Dollar softened across the board.
The Aussie managed to recover from recent lows near 0.7360 as Antipodean traders get ready for the Australian CPI reading due on Wednesday. The AUD remains capped by a stiff resistance range between 0.7425 and 0.7450, and so far bulls have been unable to stage a viable long recovery.
Aussie traders are geared up for a data showing for the Aussie on Wednesday, with inflation numbers dropping at 01:30 GMT. The q/q Australian Consumer Price Index for 2018's second quarter is forecast to tick up slightly from 0.5% from Q1's 0.4%, and a beat on expectations could see a long-awaited confidence surge in the AUD/USD, while a miss will leave buyers in the lurch, and send the Aussie back into recent lows below the 0.7400 area.
AUD/USD Levels to watch
Despite late Tuesday's pick-up for the major pair, the AUD continues to consolidate near recent swing highs and lows, and as FXStreet's own Valeria Bednarik noted, "at the time being, the pair continues trading within familiar levels, and short-term neutral according to technical readings in the 4 hours chart. In the mentioned time frame, the pair briefly slipped below its moving averages to settle again between the 100 and 200 SMA, with the larger ones capping advances. Technical indicators have turned lower within positive levels, with the Momentum pressuring its mid-line and the RSI currently at 54, failing to provide clear directional clues."
Support levels: 0.7370 0.7330 0.7300
Resistance levels: 0.7445 0.7490 0.7520
View Live Chart for the AUD/USD
Follow us on Telegram
Stay updated of all the news
AUD/USD eases toward 0.6650 after dismal Aussie trade data
AUD/USD has stalled its advance and reverted toward 0.6650 after the Australian Trade Surplus shrank more than expected in April. The renewed uptick in the US Dollar amid firmer US Treasury bond yields are capping the pair's upside. US data next in focus.
EUR/USD regains 1.0700 as US Dollar stays on the back foot
EUR/USD is trading above 1.0700, as bulls keep the reins for the second consecutive day early Thursday. The major currency pair fails to justify looming economic fears and upbeat US Treasury bond yields amid a broadly weaker US Dollar. Final Eurozone Q1 GDP eyed.
Gold: 100 DMA appears a tough nut to crack for sellers Premium
Gold price is attempting a bounce from near the $1,940 region early Thursday. Gold price shredded 1% in Wednesday’s trading after the US Treasury bond yields spiked on the surprise rate hike decision announced by the Bank of Canada (BoC), following a pause since March.
Dogecoin price could rally 30% if DOGE history over the last six months is enough to go by
Dogecoin price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.
Is the meltdown happening?
It feels like the US economy just left the highest level tower. Just dived off. With the full free-fall ramifications only now beginning to truly seep into the consciousness of investors. As is often the case, the real world Main Street situation can have a long lead time on major stock market price shifts.