AUD/USD has been in a non-volatile bullish trend since the break above the resistance level of 0.7630. After FED Chairman Yellen testified about inflation recently all the Asian currencies have seen to gain impulsively including the AUD. This week AUD has been having a good amount of positive economic reports like NAB Business Confidence to increase to 9 from the previous value of 8, Westpac Consumer Sentiment to increase to 0.4% from previous negative value of -1.8% and Yesterday MI Inflation Expectations increased to 4.4% from previous value of 3.6%. Today we do not have any economic reports on the AUD but on the USD side today we have CPI report which is expected to be positive at 0.1% from previous negative value of -0.1%, Core CPI report is expected to increase to 0.2% from previous value of 0.1%, Core Retail Sales is expected to be positive at 0.2% which was negative previously at -0.3% and Retail Sales is also expected to show a positive outcome at 0.1% which previously was at -0.3%. Moreover, USD Capacity Utilization Rate is expected to have a slight increase to 76.7% from previous value of 76.6%, Industrial Production is expected to increase to 0.3% from 0.0%, Prelim UoM Consumer Sentiment is expected to be unchanged at 95.1, Business Inventories is expected to increase to 0.3% from previous value of -0.2%, Prelim UoM Inflation Expectations is also expected to be positive which previously was at 2.6% and FOMC Member Kaplan is to speak today about nation’s key interest rates and monetary policy. To sum up, a good amount of economic reports are going to be published today on the USD side where most of the expectations are very positive which might lead to strengthening the USD against AUD in the coming days. If the USD economic reports come out positive today as expected we might see good gains on USD recently.
Now let us look at the technical view, the price is currently at the edge of resistance level 0.7750 and trying to break it. As the level has held and rejected the price for several times there is higher chance that the price might reject the bulls off the level today as well. If the USD economic reports today come out positive there is higher chance of price rejecting the bulls off the 0.7750 level which will lead to bearish move in this pair with a target towards 0.7630 level. On the other hand, if the price breaks above the 0.7750 with a daily close then we will be looking forward to buying with a target towards 0.7840 resistance level.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
AUD/USD has been in a non-volatile bullish trend since the break above the resistance level of 0.7630. After FED Chairman Yellen testified about inflation recently all the Asian currencies have seen to gain impulsively including the AUD. This week AUD has been having a good amount of positive economic reports like NAB Business Confidence to increase to 9 from the previous value of 8, Westpac Consumer Sentiment to increase to 0.4% from previous negative value of -1.8% and Yesterday MI Inflation Expectations increased to 4.4% from previous value of 3.6%. Today we do not have any economic reports on the AUD but on the USD side today we have CPI report which is expected to be positive at 0.1% from previous negative value of -0.1%, Core CPI report is expected to increase to 0.2% from previous value of 0.1%, Core Retail Sales is expected to be positive at 0.2% which was negative previously at -0.3% and Retail Sales is also expected to show a positive outcome at 0.1% which previously was at -0.3%. Moreover, USD Capacity Utilization Rate is expected to have a slight increase to 76.7% from previous value of 76.6%, Industrial Production is expected to increase to 0.3% from 0.0%, Prelim UoM Consumer Sentiment is expected to be unchanged at 95.1, Business Inventories is expected to increase to 0.3% from previous value of -0.2%, Prelim UoM Inflation Expectations is also expected to be positive which previously was at 2.6% and FOMC Member Kaplan is to speak today about nation’s key interest rates and monetary policy. To sum up, a good amount of economic reports are going to be published today on the USD side where most of the expectations are very positive which might lead to strengthening the USD against AUD in the coming days. If the USD economic reports come out positive today as expected we might see good gains on USD recently.
Now let us look at the technical view, the price is currently at the edge of resistance level 0.7750 and trying to break it. As the level has held and rejected the price for several times there is higher chance that the price might reject the bulls off the level today as well. If the USD economic reports today come out positive there is higher chance of price rejecting the bulls off the 0.7750 level which will lead to bearish move in this pair with a target towards 0.7630 level. On the other hand, if the price breaks above the 0.7750 with a daily close then we will be looking forward to buying with a target towards 0.7840 resistance level.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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