AUD/USD, the pair is looking for demand after getting a minor correction near 0.6950 points in the Tokyo session, Japan. Aussie assets are expected to display sideways position auctions as investors await the release of the latest US inflation data. DXY has not shown any action as the inflation data is likely to surprise investors. The wide variety of indicators present in the report as of December calls for them to soften inflation further. However, upbeat data from the NFP for January managed to dampen expectations of a further slowdown in the cost of living index. The S&P 500 has recovered some of the losses reported in the Asian session, suggesting that risk appetite is recovering. 

 

aud/usd
AUD/USD Today

 


The AUD reacted after a speech from RBA Governor Philip Lowe scheduled for Wednesday. AUD/USD recovered after feeling strong buying interest around the sloping upward trendline placed from the December 20 low of 0.6629 in a 4-hour period. The movement of Aussie assets is limited between the range of 0.6886 to 0.6992, which illustrates a contraction in volatility. The 50-period EMA is around 0.6960 and acts as a major barricade for the AUD. Meanwhile, the RSI 14 oscillates in the range of 40.00 to 60.00, indicating that investors are waiting for a potential trigger for a decisive move. 


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A breakdown below on January 10 at the 0.6860 point will drag the asset towards the highest data as of December 28, being around 0.6800. The slippage is below and will drag the asset further towards the December 22 high of 0.6767. In an alternative scenario, a decisive break above the psychological resistance of 0.7000 will push the asset towards the January 18 high of 0.7064, followed by the January 26 high of 0.7143. 


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