FxWirePro: AUD/USD erases CPI led gains, slips below 21-DMA, close above needed for upside
Upbeat CPI data pushed AUD/USD to a session high of 0.7566, the pair has since erased gains to slip back to 0.7520 levels. Australia inflation figures for Q2 show a brighter picture. RBA trimmed mean figure bettered esti…
Upbeat CPI data pushed AUD/USD to a session high of 0.7566, the pair has since erased gains to slip back to 0.7520 levels.
Australia inflation figures for Q2 show a brighter picture. RBA trimmed mean figure bettered estimates by printing at 0.5% q/q and 1.7% y/y. The headline q/q CPI bettered estimates as well, while y/y CPI missed estimate by a slight margin.
The pair is struggling to close above 21-DMA but finds strong trendline support at 0.7454 levels.
Momentum studies on daily charts are neutral, pair is hovering around 100-DMA currently at 0.7486.
