AUD/USD: on 0.72 handle and awaits Chinese CPI’s

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7213 with a high of 0.7270 and a low of 0.7186.

AUD/USD has recovered back on the 0.72 handle after making lows to 0.7186 as commodities take a hit instigated by OPEC’s meeting outcome of the taps opened even wider catching out the longs going into the meeting last week. We now move towards the Chinese CPI data as the main catalyst for today in Asia ahead of the jobs numbers for Australia tomorrow. There are consumer confidence data to come first up and housing data that may tickle out a bit of price action before hand.

AUD/USD levels

Technically, Valeria Bednarik, chief analyst at FXStreet explained that the 1 hour chart shows that the pair has met selling interest on an approach to a strongly bearish 20 SMA, while the technical indicators are turning back lower after correcting oversold readings, maintaining the risk towards the downside. “In the 4 hours chart, the bearish momentum is even clearer, given that the technical indicators head sharply lower below their mid-lines, whilst the 20 SMA turns lower far above the current price.”
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Source:: FX Street