AUD/USD records a fresh two-month low but jumps towards 0.7100s post-US GDP as Australian PPI looms By christianborjon AUDUSD Majors Macroeconomics Technical Analysis
onth low around 0.7055, though late as the Wall Street close looms, the Aussie is back above the 0.7100 mark. At the time of writing, the AUD/USD is trading at 0.7100.rallied for a second straight trading session amidst a positive market sentiment. China’s coronavirus outbreak seems to give a respite to investors, while the Ukraine-Russia conflict continues to escalate on Russia’s desire for victory.
At the same time, the US Department of Labour released the Initial Jobless Claims for the week ending on April 22, which rose by 180K, lower than the 182K estimated. The week ahead, the Australian economic docket will feature the Producer Price Index for the first quarter, which is expected to rise by 1.6%. On a yearly basis is estimated to increase by 4%. On the US docket, the Fed’s favorite gauge of inflation, the Core PersonalAUD/USD Price Forecast: Technical outlook
The AUD/USD remains downward biased, as illustrated by its daily chart. Both MACD lines are heading south while its histogram is expanding to the downside, even though the AUD/USD jumped off monthly lows around 0.7050, shy of February’s 4 cycle lows around 0.7051.depicts the pair is consolidating near the 0.7100 figure. The last three days’ AUD/USD price action formed a falling wedge, briefly broken downwards, though the major recovered and reclaimed the bottom-trendline.
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