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AUD/USD bears last dance before CPI's?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7216 with a high of 0.7258 and a low of 0.7215.

    AUD/USD heavy down testing the bulls commitments on the 0.72 handle after a strong durable goods number at -0.45 vs -0.9% expected. We now await further key data for the week for the pair and the CPI's are hinted to show the trimmed mean CPI to rise to 2.5% y/y from 2.2% which may offer some support as we progress over to Asia. Such a result should be supportive and anything outside of that will have the appropriate effects, while the RBA is on a thin line in the eyes of the market.

    AUD/USD levels

    Technically, the 200 SMA on the 1hr sticks at 0.7253 remains as a dark cloud over the pair as price continues to drop with RSI ( 14) still offering a bearish bias at 43.77 while 0.7180/72 comes under threat. Below there targets key psychological support of 0.7000. Below the 0.7385 Fibo retracement we are bearish before eyes can look back at the August high at 0.7439.
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