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27 Apr 2016
AUD/USD: support found ahead of CPI - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair advanced modestly for a second consecutive day, reaching a daily high of 0.7764 before retreating some 30 pips as dollar found some short term demand by the end of the day.
Key Quotes:
"The Aussie found some support in a recovery in commodities' prices, as gold and gold surged on Tuesday as China continues to give signs of improving economic conditions."
"During the upcoming Asian session, Australia will release its Q1 consumer inflation numbers, expected to have advanced less than on the last quarter of 2015."
"The weekly recovery has been barely enough to erase Friday's losses, and the pair is not far from its yearly high of 0.7834, although the upward potential in the long term has eased somehow."
Key Quotes:
"The Aussie found some support in a recovery in commodities' prices, as gold and gold surged on Tuesday as China continues to give signs of improving economic conditions."
"During the upcoming Asian session, Australia will release its Q1 consumer inflation numbers, expected to have advanced less than on the last quarter of 2015."
"The weekly recovery has been barely enough to erase Friday's losses, and the pair is not far from its yearly high of 0.7834, although the upward potential in the long term has eased somehow."