Trade Alert
During the Asian morning today, after Australia released its worse-than-expected inflation numbers, AUD sold off against all of its major counterparts, including the US dollar. AUD/USD was already on a slide after peaking last week, but today’s bad CPI figures added a bit more downward pressure on the Aussie. Looking at the 4-hour chart of AUD/USD, we can see that the pair is now trading well below its tentative upside support line taken from the low of March 8th. Given that AUD/USD looks quite oversold on the shorter timeframe, we may see a small correction back up, before another leg of selling.
Please see the chart for details.
Don't forget your stop-loss.
During the Asian morning today, after Australia released its worse-than-expected inflation numbers, AUD sold off against all of its major counterparts, including the US dollar. AUD/USD was already on a slide after peaking last week, but today’s bad CPI figures added a bit more downward pressure on the Aussie. Looking at the 4-hour chart of AUD/USD, we can see that the pair is now trading well below its tentative upside support line taken from the low of March 8th. Given that AUD/USD looks quite oversold on the shorter timeframe, we may see a small correction back up, before another leg of selling.
Please see the chart for details.
Don't forget your stop-loss.