AUD/USD ANALYSIS & TALKING POINTS
Comfortable Chinese language CPI and protected haven demand for USD weighs on AUD.US information beneath the highlight later right this moment.New yearly lows looming for AUD/USD?
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AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROP
The Australian greenback stays subdued near yearly lows after the Fed’s larger for longer narrative positive factors traction. US CPI confirmed some stickiness in core metrics though fee hike expectations didn’t change a lot from a Federal Reserve standpoint. Ongoing geopolitical tensions between Israel-Palestine within the Center East may see riskier currencies just like the AUD come beneath stress in favor of protected haven currencies just like the US greenback.
Weak Chinese language information this morning (see financial calendar beneath) has restricted Aussie upside by way of the CPI report highlighting the nation’s economic system I nonetheless struggling regardless of stimulus measures by the Chinese language authorities.
Later right this moment, US particular components will probably be in focus as soon as once more from Fed communicate and the Michigan client sentiment launch.
AUD/USD ECONOMIC CALENDAR (GMT +02:00)
Supply: DailyFX financial calendar
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TECHNICAL ANALYSIS
AUD/USD DAILY CHART
Chart ready by Warren Venketas, TradingView
Every day AUD/USD worth motion above exhibits the pair unable to maneuver out of the present downtrend and will expose the November 2022 swing low at 0.6272 and past. I don’t’ anticipate too many adjustments this week as markets put together for subsequent week’s key information together with the Australian job report and China GDP.
Key resistance ranges:
0.65000.645950-day transferring common (yellow)/Trendline resistance0.6358
Key assist ranges:
IG CLIENT SENTIMENT DATA: BEARISH (AUD/USD)
IGCS exhibits retail merchants are at the moment internet LONG on AUD/USD, with 83% of merchants at the moment holding lengthy positions.
Obtain the most recent sentiment information (beneath) to see how every day and weekly positional adjustments have an effect on AUD/USD sentiment and outlook.
Introduction to Technical Evaluation
Market Sentiment
Beneficial by Warren Venketas
Contact and followWarrenon Twitter:@WVenketas
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