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AUD/USD: bids challenge 1hr 20 SMA before FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7141 with a high of 0.7207 and a low of 0.7111.

    AUD/USD has been in a consolidation last night's miss in CPI's that took the market by surprise, expecting a better than consensus reading. The price fell by 60 pips from the area of the 0.72 mark and made lows eventually at 0.7120 where a base has been formed and has allowed a bid to take shape to the 1hr 20 SMA.

    Australia's CPI (QoQ) for Q3 turned up at 0.5%, below forecasts of 0.6%. Annually also came below expectations at 1.5% vs 1.7% exp, exposing the uptrend of AUD/USD below the 0.70 handle from end of last month's business. The next catalyst comes in the FOMC and RBNZ interest rate decisions today.

    AUD/USD levels

    Technically, a minor recovery is in place as the price challenges the 20 SMA on the hourly sticks that resides at 0.7140 currently. We are some way off the pivot at 0.7211 and further out than that, the price will remain under pressure below the 0.7385 Fibo retracement while we are en route to 0.7000 with a break of 0.7100 and the base of the short term channel at 0.7051 targeting the September low at 0.6940 medium term.
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