FxWirePro: Aussie rebounds from decade-low following upbeat Chinese PPI
The Australian dollar surged after tumbling to a decade-low in the previous session as the spreading coronavirus outbreak hit demand in China. The major attempted a minor recovery after data showed China’s producer price…
The Australian dollar surged after tumbling to a decade-low in the previous session as the spreading coronavirus outbreak hit demand in China.
The major attempted a minor recovery after data showed China’s producer price index rose 0.1 percent from a year earlier, in line with expectations and reversing a 0.5 percent drop in December.
The Aussie was trading 0.4 percent up at 0.6696, having hit a low of 0.6662 on Friday, its lowest since March 2009.
Technical indicators are turning bullish on hourly charts: RSI point north, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 0.6715 (5-DMA), a break above could take it near 0.6755.
On the downside, support is seen at 0.6645, a break below could drag it till 0.6610.
