Australian Dollar slips further into the bearish trenches

January 11, 2021 - 2 weeks ago
Share on twitter
Share on facebook
Share on linkedin
Share on email

The Australian Dollar bears resume their downward momentum, with the new week kicking off on a negative tone, due to the break of the US$0.7725 support level early Monday.

The bears have managed to slowly navigate the market lower since prices have eased away from the 2-1/2-year peak at US$0.7820.

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.

The Australian Retails Sales also impressed, after coming in at 7.1%, previous 7.0%.

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

Share on twitter
Share on facebook
Share on linkedin
Share on email

Leave a Reply