FxWirePro: AUD/USD slumps on weak Aussie CPI release, breaks major trendline support at 0.7095

AUD/USD chart - Trading View 

• AUD/USD slumps from near 0.71 levels to hit 6-week lows at 0.7026 after poor Australia inflation data.
   
• Data released earlier today showed Australia Q1 consumer price index, rose 0.3 percent quarter-on-quarter, missing the estimated rise of 0.4 percent.
   
• Technical indicators support downside in the pair. RSI and Stochs are sharply lower. RSI has edged below the 50 mark.
   
• Price action has broken strong trendline support at 0.7095, eyes next support at 61.8% Fib at 0.6955.
   
• Upside finds major resistance at 0.7122 (converged 21 and 55 EMAs). Break above could see gains till 200-DMA. Bearish invalidation above 200-DMA.

Support levels - 0.7020 (50% Fib), 0.6955 (61.8% Fib)

Resistance levels - 0.7122 (converged 21 and 55 EMAs), 0.7186 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-slips-below-100-DMA-doubts-over-Chinese-stimulus-weighs-1528086) has hit all targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.