FxWirePro: Aussie halts 4-day losing streak on upbeat wage data
The Australian dollar rebounded from a 1-week low hit in the previous session following the release of the upbeat wage price index. Data released earlier in the day showed Australia's annual wage price index rose a tepid…
The Australian dollar rebounded from a 1-week low hit in the previous session following the release of the upbeat wage price index.
Data released earlier in the day showed Australia's annual wage price index rose a tepid 2.2 percent in the fourth quarter of 2019 with pay rewards in the public sector slowing to the weakest pace on record.
On Tuesday, the major tumbled as low as 0.6673 after the minutes from the Reserve Bank of Australia's first meeting of the year showed policymakers discussed easing policy.
The RBA has estimated the unemployment rate needs to fall below 4.5 percent from 5.1 percent currently for wages to grow at 3 percent or more.
The Aussie was trading 0.2 percent up at 0.6698, having hit a low of 0.6773 the day before, its lowest since Feb. 10.
Technical indicators are turning bullish: Stochs indicate a bullish crossover and MACD supports upside.
Immediate resistance is located at 0.6729, a break above could take it near 0.6747 (21-EMA).
On the downside, support is seen at 0.6670, a break below could drag it till 0.6652.
