The Australian dollar recovers over a better-than-expected Q1 CPI reading.
A break below March’s low at 0.7170 may have invalidated the recent rebound and put the Aussie on a reversal course in the weeks to come. A bearish MA cross on the daily chart indicates an acceleration to the downside. An extremely oversold RSI on the hourly time frame prompted sellers to take profit, driving the price up momentarily.
Stiff selling pressure could be expected around 0.7370. 0.7100 would be the next stop in case of another sell-off.
