Australian Dollar Falls On CPI
LiteForex Europe | Apr 28, 2016 07:54AM ET
The pair significantly fell after the publication of Wednesday’s data on inflation in Australia. The Consumer Price Index for this first quarter of the year grew by 1.3% while economists predicted a growth of 1.8%. Against the previous quarter, the index fell by 0.2% instead of a forecasted growth of 0.3%.
At the same time, the US dollar remained under pressure prior to the Fed Interest Rate Decision. According to forecasts, monetary policy will stay unchanged.
Bollinger Bands® on the daily chart is turning horizontally while the price range is narrowing. MACD is falling and giving a strong sell signal. Stochastic is falling as well having approached the border of the oversold zone.
The indicators recommend waiting for clearer trading signals.
- Support levels: 0.7618 (14 April low), 0.7593, 0.7567, 0.7533, 0.7500 (7 April low), 0.7476 (24 March low).
- Resistance levels: 0.7679 (local high), 0.7715, 0.7736, 0.7764 (local high), 0.7800, 0.7834 (21 April high).
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.