Bearish outside range day holds for the Australian Dollar

April 9, 2021 - 2 weeks ago
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The Australian Dollar is currently consolidating between US$0.7585 and US$0.7655 parameters, with the downside expectations holding since the bears managed to post a Japanese candlestick bearish outside range day earlier in the week, which now awaits confirmation.

A decisive US$0.7585 should trigger a further landslide for the AUD/USD pair and target the region of US$0.7530, with US$0.7350-70 seen beneath as a bullish foundation.

Any upside contest is expected to feel the heat from the bears (supply) from the region of US$0.7655-95 to US$0.7710-25 (60-day MA).

China’s producer prices climbed the most since July 2018 as commodity costs surged and the economy’s recovery strengthened. Consumer prices gained for the first time in three months.

The producer price index rose 4.4% in March from a year earlier after gaining 1.7% in February, the National Bureau of Statistics said Friday.

The economist forecast was 3.6%, while the consumer price index (CPI) rose 0.4% from -0.2% previously.

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