AUDUSD knocked off after US inflation delivers.
“US inflation remains high as the bid to control its rise continues.”
Investors rushed back into the greenback, staging a sharp rebound from lower boundaries following the release of highly anticipated inflation data. Although annual inflation rate eased slightly during August, Core CPI rose by 0.6% versus consensus of 0.3%. The data may encourage Federal Reserve to extend its rate hike efforts as the bid to ease burden on American continues.
Quick recap on AUDUSD
The pair remains subjected by 200-MA line which exerts continuous bearish pressure from the upper boundaries.
AUDUSD Weekly Technical Analysis
From weekly perspective, the pair retest near 0.6730 – a key level where bulls may try to limit any potential losses.
AUDUSD Daily Technical Analysis
From daily perspective, the pair failed to extend its recovery while MACD begin to show increasing bearish momentum.
ORDER: SELL STOP
STOP LOSS: 0.6760
Target 1: 0.6620
Target 2: 0.6580
ZFX Analyst’s Comment
Overall, the pair remains subjected to downside pressure as long-term 200-MA line keeps the lid for any substantial recovery.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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