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AUD/USD: steady on key data releases

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    We got a muted response to a series of outcomes taking place for AUS/USD, while the main data event came with the CPI and PPI from China, marginally missing expectations.

    AUD/USD was vertically unchanged after the releases of Chinese March CPI arriving at 2.3% y/y vs expectations 2.4% with a yearly target of 3.0% for 2016. At the same time, the PPI arrived as -4.3% y/y vs an expected -4.6%. Australia released the February Home loans at the same time arriving +1.5%m/m vs expected 2.0% but vs -4.4% prior.

    AUD/USD levels

    While spot oscillates between 0.7528 the low and the high of 0.7571, the pair remains in bearish territory, although a break below the key psychological level, 0.7500 would open doors for 0.7477, recent last low ahead of 0.7416 (16th March low).

    To the upside, the 20 dma is located at 0.7576 and a break there brings us to the 0.7600 handle with congestion at R3 0.7643 before 0.7680 and the recent challenge of 0.7720/50.
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