AUD/USD chart - Trading View
AUD/USD was trading 0.41% lower on the day at 0.7133 at around 04:45 GMT, outlook bearish.
Aussie under pressure following comment's from RBA governor Philip Lowe and poor China inflation data.
Lowe said that the budget strategy was right but warned that it is possible that the central bank could cut rates down by 10 bps.
China's price pressures for both producers in the PPI and consumers in the CPI have missed expectations adding pressure on the commodity currencies.
China September CPI +1.7 pct y/y (expected +1.8%), China September CPI +0.2 pct m/m (expected +0.3 pct).
China September PPI -2.1 pct y/y (expected -1.8 pct), China September PPI +0.1 pct m/m.
Technical studies support weakness in the pair. Price action is testing cloud base support at 0.7123. Break below will see drag till 110-EMA at 0.7041.
