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Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.87% lower on the day at 0.6464 at around 10:50 GMT
Previous Week's High/ Low: 0.6747/ 0.6511
Previous Session's High/ Low: 0.6530/ 0.6363
Fundamental Overview:
Downbeat Australia monthly Consumer Price Index (CPI) data along with the risk-off mood weigh on the antipodean.
According to Australian Bureau of Statistics (ABS), the monthly CPI eased in August to 6.8% from 7.0% in July.
A pickup in the US Treasury bond yields, bolstered by faster Fed rate hikes bets, acts as a tailwind for the greenback, dragging the pair lower.
The risk-off impulse amid growing worries about a deeper global economic downturn also underpins the safe-haven buck.
Focus now on the release of the final Q2 GDP report and the usual Weekly Initial Jobless Claims data for impetus.
Technical Analysis:
- AUD/USD retraces below 5-DMA
- GMMA indicator shows major and minor trend are bearish
- MACD and ADX support downside
- Price action is below cloud and Chikou span is biased lower
Major Support and Resistance Levels:
Support - 0.6421 (Lower BB), Resistance - 0.6575 (200H MA)
Summary: AUD/USD trades with a major bearish bias. Scope for further downside.
