AUD was under pressure earlier in the day after headline inflation figures in Australia rose 0.4% in the first quarter. In the meantime, how is the AUDUSD pair moving today? Get updated in this 24 April AUDUSD Technical Outlook.
24 April, GKFX – After dropping to the vicinity of 0.7580 in early trade, AUD/USD has managed to regain some buying bias and has now retaken the 0.7600 handle and above.
AUD/USD in multi-month lows
The pair is so far reverting three consecutive daily pullbacks, up smalls after record fresh yearly lows in the 0.7585/80 band during early trade and always against the backdrop of increasing demand for the greenback. In addition, AUD was under pressure earlier in the day after headline inflation figures in Australia rose 0.4% in the first quarter (vs. 0.5% expected) and 1.9% on an annualized basis (vs. 2.0% forecasted).
In the meantime, the pair is navigating the lower end of the range in the 0.7600 neighbourhood following the rejection from April tops beyond 0.7800 the figure, coincident with the key 200-day sma (today at 0.7814). Looking ahead, the US docket includes the S&P/Case-Shiller Index, New Home Sales and the CB’s Consumer Sentiment for the month of April.
24 April AUDUSD Technical Outlook
At the moment the pair is up 0.12% at 0.7614 and a break above 0.7707 (10-day sma) would aim for 0.7772 (55-day sma) and then 0.7814 (high Apr.19). On the other hand, the next down barrier aligns at 0.7580 (2018 low Apr.24) seconded by 0.7530 (low Nov.21 2017) and finally 0.7500 (low Dec.8 2017).
This article 24 April AUDUSD Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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