- Aussie on a bullish stance, but hesitating near recent highs as the US Dollar begins to gain on the day.
- China CPI/PPI figures today couldn't push the Aussie higher as the Australian NAB surveys failed to expand.
The AUD/USD is sifting backwards into 0.7460 after climbing through the early Asia session, marking in a high of 0.7483, but a rebound in the Dollar index is seeing the Aussie taking a step back as the USD steps up in quiet Tuesday trading.
The Aussie was bolstered into a bullish stance by rising copper prices to kick off the trading week, and combined with a softening in the USD to take the AUD/USD into fresh weekly highs, but the Dollar is seeing a brief resurgence for Tuesday and the pair is stooping from the week's current highs near 0.7500.
The AUD began to waffle against the USD after China's y/y CPI came in at expectations, printing at 1.9%, while the y/y PPI came in better than expected at 4.7%; however, the Aussie NAB Business Confidence and Conditions surveys came in below expectations, with the confidence survey printing at 15 versus the expected 18, and the conditions survey coming in at 6 versus the forecast 8. Both indicators were expected to improve, but results showed a lack of upward movement and they remained steady at their previous readings.
AUD/USD Technical Analysis
Hourly charts show the AUD/USD could be forming a double-top reversal pattern, with neckline support from 0.7456, though the hourly Relative Strength Index has diverged, turning to favor the bears.
Spot rate: | 0.7464 |
Relative change: | 0.47% |
High: | 0.7483 |
Low: | 0.7427 |
Trend: | Bullish |
Support 1: | 0.7495 (50 day MA) |
Support 2: | 0.7537 (61.8% Fibo retracement level) |
Support 3: | 0.7605 (May 22nd swing high) |
Resistance 1: | 0.7456 (double-top neckline) |
Resistance 2: | 0.7426 (5-day MA) |
Resistance 3: | 0.7394 (10-day MA) |
AUD/USD Chart, 15-Minute
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.