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FxWirePro: AUD/USD Daily Outlook

Wednesday, August 10, 2022 10:32 AM UTC

Chart - Courtesy Trading View

Spot Analysis:

AUD/USD was trading 0.29% higher on the day at 0.6977 at around 09:30 GMT

Previous Week's High/ Low: 0.7047/ 0.6869

Previous Session's High/ Low: 0.6994/ 0.6952

Fundamental Overview:

National Bureau of Statistics of China reported Consumer Price Index (CPI) at 2.7%, missing forecasts at 2.9% and compared to the prior release of 2.5%.

However, the annual cost pressures remained lower than the expectation of 2.7%. The monthly data remains in line with the estimates of 0.5%.

Producer Price Index (PPI), remained extremely lower at 4.2% than the forecasts of 8% and the prior release of 6.1%.

National Australia Bank’s Business Conditions and Business Confidence data for July printed upbeat results as the former rose to 20, versus 15 market consensus and 13 prior.

Further, Business Confidence matched 7 forecasts while rising past 1 prior. On the contrary, Australia’s Westpac Consumer Confidence Index for August eased to 81.2, below 83.8 prior.

Technical Analysis:

- AUD/USD extends choppy trade around 55-EMA support

- Price action is above 200H MA and has edged into the daily cloud

- Bullish RSI divergence adds to the upside bias in the pair

- GMMA indicator shows major and minor trend are neutral

Major Support and Resistance Levels:

Support - 0.6935 (21-EMA), Resistance - 0.7047 (110-EMA)

Summary: AUD/USD trades with a bullish bias. US inflation data eyed for impetus. Bullish invalidation only below daily cloud.

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FxWirePro : EUR/NZD downtrend extends ,eyes 23.6% fib support

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