Price moves in range on the short term and awaits for the Australian economic figures to bring some action. Technically, has shown some exhaustion signs, but is premature to say that we’ll have another leg lower in the upcoming period.
Is trading near the 0.7937 level, below the 0.7940 yesterday’s low, remains to see how will react after the Australian data will come out. A disappointment will send the rate tumbling on the short term, but we have to wait for a confirmation.
The Australian CPI could increase by 0.4% in Q2, less versus the 0.5% growth in the former reading period, while the Trimmed Mean CPI could increase by 0.5%.
AUD/USD moves sideways on the short term, but maintains a bullish perspective as long as is trading above the upper median line (uml) of the minor ascending pitchfork. Remains to see what will happen in the morning because the fundamental factors are expected to take the lead again and to drive the rate, remains to see the direction.
Is trapped between the 0.7989 and the 0.7874 levels, only a breakout from this range will bring a clear direction.
Looks a little exhausted after the failure to reach and retest the warning line (wl1) and the 0.7989 major static resistance, but a selling opportunity could occur only if we’ll have a valid breakdown below the median line (ml).
