AUD/USD Price Analysis: Bears keep the reins near 0.6950 despite China inflation-led rebound AUDUSD China Inflation Technical Analysis ChartPatterns
China CPI, PPI both disappoint with softer numbers for January.50-HMA joins channel’s support line to challenge immediate recovery near 0.6960.
China CPI eased to 2.1% YoY versus 2.2% market forecasts, compared to 1.8% prior, while the PPI dropped heavily to -0.8% YoY from -0.7% previous readings and -0.5% consensus.It should be noted that the 50-HMA joins the aforementioned bullish channel’s lower line to restrict the immediate upside of the Aussie pair to around 0.6960. Adding strength to the downside bias are the bearish MACD signals and the downbeat RSI , not oversold.
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