- Aussie subdued as markets await RBA Lowe's speech due later today.
- AUD/USD edges lower from 3-week highs of 0.7769, trades 0.13% lower on the day.
- Dismal Aussie consumer sentiment index and weaker-than-expected China inflation readings add to downside pressure.
- The official data released earlier in the day showed China's CPI rose 2.1 percent in March vs 2.6 percent expected.
- China's PPI cooled to 3.1 percent, missing the estimate of 3.2 percent and down from the previous month's print of 3.7 percent.
- The pair spiked past 20-DMA on Tuesday's trade and Technical indicators are still bullish.
- We see bullish divergence on RSI and Stochs and Stochs are biased higher.
- The major is on track for further upside, eyes 200-DMA at 0.7811. We see weakness only on retrace and close below 20-DMA.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-Trade-Idea-1244401) has hit TP1.
Recommendation: Book partial profits at highs. Hold for further upside.
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