Key Points
- Aussie Dollar after declining below 0.7700 against the US Dollar found support and started to move higher.
- There was a bearish trend line formed on the hourly chart of the AUDUSD pair, which was cleared by the Aussie Dollar buyers recently.
- Australian Consumer Price Index will be released by the RBA and republished by the Australian Bureau of Statistics during the next Asian session.
- The forecast is slated for an increase of 0.3% in Q1 2016, compared with the previous quarter.
Technical Analysis
As mentioned the Aussie Dollar was under a bearish pressure recently against the US Dollar and traded below the 0.7700 support area. However, the AUDUSD pair found buyers, started to trade higher, and also broke a bearish trend line formed on the hourly chart.
The pair managed to close above the 50 hourly simple moving average, but currently finding sellers near 100 and 200 SMA.
So, there is a chance of a minor dip in the AUDUSD pair, which can be seen as a buying opportunity.
Australian CPI
There is a major release scheduled in Australia during the next Asian session, as 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 will be released by the RBA and republished by the Australian Bureau of Statistics.
The forecast is slated for an increase of 0.3% in Q1 2016, compared with the previous quarter and the last reading was 0.4%. In terms of the yearly change, the market is expecting an increase of 1.8% in the CPI.
If the result of the CPI report is positive, then the Aussie dollar may continue to gain bids in the short term.
[ad_2]
Source link
