Currency Analyst since 2010

AUD/USD: under bearish pressure

AUD/USD slid to $0.9270 on lower-than-expected inflation (0.6% vs. forecast of 0.8%). An almost 100-pips selloff shows that traders were, on the contrary, waiting for higher inflation as they consider the possibility of the Reserve bank of Australia tightening its policy.

On the weekly chart we see some bearish signs: the Ichimoku Cloud acting as resistance and the negative candle pattern.  

Chart. Weekly AUD/USD

On the daily chart we can see that the pair’s vulnerable for declines to $0.9215 and $0.9150. Resistance lies at $0.9380.

Chart. Daily AUD/USD

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