Australian Dollar bears loom since the US$0.7725 break

January 12, 2021 - 2 weeks ago
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The Australian dollar focus is expected to continue the downward path since the US$0.7225 break.

The return of demand for the greenback has also helped the initial breakdown.

On Monday, the Australian data was generally encouraging, as November Retail Sales were upwardly revised to 7.1%.

On economic data, China’s Consumer Price Index (CPI) and Producer Price Index (PPI) for December came in better-than-forecasted, with the monthly CPI printing 0.2% versus -0.5%, expected was at 0.0%.

The (PPI) dodged the -0.7% forecast and printed -0.4%, with -1.5% previously.

From the US$0.7725 break now expects a slow decline towards a potential target of US$0.7655-60, then to US$0.7570-75, while the resistance is located at US$0.7760.

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