This article is originally referred from TitanFX Forex News.
- The Aussie dollar finally found bids near the 0.7440 support area against the US dollar.
- There was a major bearish trend line break noted on the hourly chart of the AUDUSD pair.
- In Australia, the Consumer Price Index was released by the RBA and republished by the Australian Bureau of Statistics.
- The forecast was lined up for a rise of 0.4% in the CPI in Q2 2016, and the outcome was as forecasted.
AUDUSD TECHNICAL ANALYSIS
The Aussie dollar after trading as low as 0.7440 against the US Dollar found support and recover. The AUDUSD pair is currently trading positive, but can it retain the bullish bias?
The pair during the recent recovery broke a major bearish trend line break noted on the hourly chart, and also closed above the 100 hourly simple moving average.
However, the pair is currently struggling near the 200 hourly SMA, and failed once to close above it. I think buying dips can be considered as long as the pair is above the 100 hourly SMA.
AUSTRALIA CONSUMER PRICE INDEX
Today in Australia, the Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the RBA and republished by the Australian Bureau of Statistics.
The forecast was lined up for a rise of 0.4% in the CPI in Q2 2016, compared with the previous quarter. The result was as forecasted as the CPI increased 0.4%.
In terms of the yearly change, the CPI was forecasted to increase by 1.1%. The result was a bit lower, as the increase was 1% in Q2 2016, compared with Q2 2015. The report added that the “most significant price rises this quarter are medical and hospital services (+4.2%), automotive fuel (+5.9%), tobacco (+2.1%) and new dwelling purchase by owner-occupiers (+0.9%).”
US DURABLE GOODS ORDERS
Today in the US, there is a major release scheduled, as the Durable Goods Orders will be reported by the US Census Bureau. The market is expecting the orders to decline by 1.1% in June 2016. It would be interesting to see whether there is a decrease or a rebound in orders, as the report may impact the US Dollar in the short term.
Original Source: TitanFX Forex News