AUD/USD: Steady on Key Data Releases
We got a muted response to a series of outcomes taking place for
AUD/USD, while the main data event came with the CPI and PPI from China,
marginally missing expectations.
AUD/USD was vertically unchanged after the releases of Chinese March CPI arriving at 2.3% y/y vs expectations 2.4% with a yearly target of 3.0% for 2016. At the same time, the PPI arrived as -4.3% y/y vs an expected -4.6%. Australia released the February Home loans at the same time arriving +1.5%m/m vs expected 2.0% but vs -4.4% prior.
While spot oscillates between 0.7528 the low and the high of 0.7571, the pair remains in bearish territory, although a break below the key psychological level, 0.7500 would open doors for 0.7477, recent last low ahead of 0.7416 (16th March low).
To the upside, the 20 dma is located at 0.7576 and a break there brings us to the 0.7600 handle with congestion at R3 0.7643 before 0.7680 and the recent challenge of 0.7720/50.
(Market News Provided by FXstreet)