FxWirePro: AUD/USD fails to close below 0.70, Doji at lows raises scope for upside

AUD/USD chart - Trading View 

• AUD/USD recovers from multi-month lows with a Doji formation at lows.
   
• The pair is extending marginal gains on the day, trading at 0.7020 at 0420 GMT.
   
• Aussie bid despite weaker-than-expected first quarter producer price inflation (PPI) number. 
   
• PPI rose 0.4 percent q/q in Q1, having risen by 0.5 percent in the previous quarter, missing market expectations for tick higher to 0.6 percent. 
   
• The annualized figure also came in a tad weaker-than-expected at 1.9 percent. 
   
• Major trend in the pair is bearish. However, potential 'Morning Star' formation keeps scope for some upside.
   
• 5-DMA is immediate resistance at 0.7057. Break above could see gains till 0.71. Break below 0.70 will see resumption of weakness. 
   
• Focus on U.S. Q1 GDP data for further impetus. 

Support levels - 0.70, 0.6955 (61.8% Fib), 0.69 (Aug 31st, 2015 low), 0.6827 (Jan 11th, 2026 low)

Resistance levels - 0.7057 (5-DMA), 0.7085 (38.2% Fib), 0.71

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.