•AUD/USD was flat in the Asian session. The pair has posted small gains in European trade
•0.7440 is providing strong support
•0.7560 is under pressure as resistance
•Current range: 0.7440 to 0.7560
Further levels in both directions:
•Below: 0.7440, 0.7339, 0.7251 and 0.7105
•Above: 0.7560, 0.7701 and 0.7835
AUD/USD ratio has shown movement towards short positions. Currently, long positions retain a majority (54%), indicative of trader bias towards AUD/USD continuing to gain ground.
The Australian dollar is subdued on Thursday, as AUD/USD is currently trading at 0.7530. On the release front, Australian Import Prices declined 1.0%, well off the estimate of a 1.6% gain. Later in the day, Australia releases PPI, an important inflation indicator. The markets are expecting a small gain of 0.2%. In the US, there are just two releases, highlighted by Unemployment Claims. The indicator is expected to rise to 261 thousand.
The markets were keeping a close eye on Australia’s CPI release on Wednesday. The index rebounded nicely in the second quarter, posting a gain of 0.4%, compared to a decline of 0.2% in the first quarter. It’s not clear how the RBA, which will set interest rates next week, plans to respond to the CPI release.
•0.7440 is providing strong support
•0.7560 is under pressure as resistance
•Current range: 0.7440 to 0.7560
Further levels in both directions:
•Below: 0.7440, 0.7339, 0.7251 and 0.7105
•Above: 0.7560, 0.7701 and 0.7835
AUD/USD ratio has shown movement towards short positions. Currently, long positions retain a majority (54%), indicative of trader bias towards AUD/USD continuing to gain ground.
The Australian dollar is subdued on Thursday, as AUD/USD is currently trading at 0.7530. On the release front, Australian Import Prices declined 1.0%, well off the estimate of a 1.6% gain. Later in the day, Australia releases PPI, an important inflation indicator. The markets are expecting a small gain of 0.2%. In the US, there are just two releases, highlighted by Unemployment Claims. The indicator is expected to rise to 261 thousand.
The markets were keeping a close eye on Australia’s CPI release on Wednesday. The index rebounded nicely in the second quarter, posting a gain of 0.4%, compared to a decline of 0.2% in the first quarter. It’s not clear how the RBA, which will set interest rates next week, plans to respond to the CPI release.
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