Aussie Tumbles On Soft CPI Data

Aussie tumbles on soft CPI data

The AUD/USD fell sharply near 0.7605 after disappointing inflation data. This drop in Australia’s consumer prices raises speculations that the reserve bank of Australia (RBA) may cut rates or at least keep their easing program in play, thus putting more pressure on the Aussie. Breaking the long-term support 0.7595 creates a bearish signal toward 0.7555 and 0.7525 respectively.

However, the RBA statement and rate cut decision could support the Australian dollar and the AUD/USD could rally again after breaking 0.7775, thus touching next resistance levels 0.7805 and 0.7835.

AUD/USD Chart

Disclaimer: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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