AUD USD declines again
10/27/2016 7:39:18 AM
After disappearing upbeat Australian CPI-led strong gains further than 0.7700 handle, the AUD/USD pair came under fresh selling pressure on Thursday among improved dollar buying interest.
Currently trading near session low around 0.7625-20 region, today's disappointing release Australian import prices data delivered little inducement for bulls and the pair expanded Wednesday's reversal 4-day high touched in the consequences of stronger than anticipated Australian quarterly CPI print.
Spot prices on Wednesday saw a sharp turnaround among return of broad based USD strength, which keep on gaining traction on growing market expectations that the Federal Reserve would ultimately increase interest rates at the December meeting.
Immediate downside support is fixed near 0.7610 area, which if broken is expected to speed up the slide towards weekly lows support near 0.7585 zone before the pair finally fall to 100-day SMA support near 0.7565 region. On the upside, 0.7650 area is seen as immediate persistence above which the pair is likely to aim back towards regaining 0.7700 handle.