AUDUSD Technical Outlook


The 9 March AUDUSD Technical Outlook shows that the pair is sluggish but on the low side in Tokyo trading, currently rotating around the 0.7785 region. What is more?

9 March, GKFX – The Aussie continues to drift against the US Dollar as middling economic data for the island country continues to push the Reserve Bank of Australia (RBA) against a wall, leaving the central bank with few options other than to wait and see if inflation will ever start to pick up within the Australian economy.

Chinese CPI figures leave the AUD untouched

Market reaction was muted, and the AUD was left unchanged following mostly-positive CPI figures from China. The Chinese Producer Price Index came in at 3.7%, a mild miss of the forecast 3.8% and a greater-than-expected contraction from the previous 4.3%, but month-on-month CPI numbers printed at 1.2 for February, a clean but of the anticipated 0.8% and the prior period’s 0.6%.

The Aussie is left almost unchanged on reaction and is still on the low side of Thursday’s market close. Nothing else remains on the economic calendar for the AUD this week, and the pair heads into Friday’s trading at the mercy of market sentiment.

9 March AUDUSD Technical Outlook

The pair is trading squarely into its 200-day SMA, and the 34 EMA is now providing some stiff resistance as the pair struggles to break out of its current levels.

The H4 candles are pricing in a possible lift this week, but any bullish momentum will need to hold above 0.7735 if new highs are going to be reached. Intraday support is sitting at 0.7770 and 0.7755, with resistance at 0.7810 and 0.7840.

Disclaimer

This article 9 March 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.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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