AUDUSD Analysis: Breakout of Important Support
Yesterday's report showed that inflation in Australia in the first quarter of 2023 fell from a 33-year high. The consumer price index rose only by 1.4% in annual terms, although analysts had expected +1.9%.
Now market participants are focusing on the meeting of the Reserve Bank of Australia on May 2; it is expected that it will resume raising rates and thereby complete the pause made after a series of 10 increases.
Reacting to the news, the Australian dollar broke through the low of April, while the daily AUDUSD chart shows that the market as a whole looks weak, because:
→ important support (1), which has been in effect since autumn 2022, has been breached;
→ rebounds from this line were weak, the price did not reach the median line (2);
→ MA (200) points down.
The bears may make even more progress today, as at 15:30 (GMT+3) the US GDP and unemployment news will be published, which may strengthen the USD.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Now market participants are focusing on the meeting of the Reserve Bank of Australia on May 2; it is expected that it will resume raising rates and thereby complete the pause made after a series of 10 increases.
Reacting to the news, the Australian dollar broke through the low of April, while the daily AUDUSD chart shows that the market as a whole looks weak, because:
→ important support (1), which has been in effect since autumn 2022, has been breached;
→ rebounds from this line were weak, the price did not reach the median line (2);
→ MA (200) points down.
The bears may make even more progress today, as at 15:30 (GMT+3) the US GDP and unemployment news will be published, which may strengthen the USD.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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