empty
29.11.2023 09:41 AM
AUD/USD crashes on soft Australian inflation

The AUD/USD pair turned to the downside after reaching 0.6676 today's high and now is located at 0.6633. It has resumed its growth in the last session as the Dollar Index dropped deeper. Now, after such an impressive growth, a retreat was natural.

Fundamentally, the Aussie is melting down as the Australian Consumer Price Index reported only a 4.9% growth versus 5.2% growth expected and compared to the 5.6% growth in the previous reporting period. The RBNZ maintained the Official Cash Rate at 5.50% as expected. Today, the US is to release the Prelim GDP, Prelim GDP Price Index, Goods Trade Balance, and Prelim Wholesale Inventories. Positive US data could help the USD to drag the price down.

AUD/USD Trading In The Red!

This image is no longer relevant

Technically, the currency pair jumped above the up channel's upside line but it has failed to stay there, signaling exhausted buyers. The false breakout with great separation through the former high of 0.6666 announced a potential sell-off.

Now, it challenges the immediate low of 0.6633. It remains to see how it reacts. A false breakdown may announce a new bullish momentum at least towards the upside line.

AUD/USD Outlook!

A bearish closure below 0.6633 activates more declines. This is seen as a selling opportunity. The uptrend line represents a potential target.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on March 25th (U.S. Session)

Trade Breakdown and Tips for Trading the Japanese Yen The test of the 150.68 level occurred when the MACD indicator had just started moving upward from the zero line, which

Jakub Novak 18:29 2025-03-25 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on March 25th (U.S. Session)

Trade Breakdown and Tips for Trading the British Pound The test of the 1.2911 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited

Jakub Novak 18:26 2025-03-25 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on March 25th (U.S. Session)

Trade Analysis and Tips for the Euro The test of the 1.0795 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited the downward

Jakub Novak 18:20 2025-03-25 UTC+2

XAG/USD. Analysis and Forecast

Today, silver is attracting new buyers following an indecisive flat close in the previous session, demonstrating steady intraday gains. The white metal is currently up 0.80% on the day, gradually

Irina Yanina 18:07 2025-03-25 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on March 25. Review of Yesterday's Forex Trades

The test of the 149.95 level occurred when the MACD indicator had already moved significantly above the zero mark, which limited the pair's upside potential. As a result, I chose

Jakub Novak 08:15 2025-03-25 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on March 25. Review of Yesterday's Forex Trades

The test of the 1.2935 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited the pair's downside potential. For this reason

Jakub Novak 08:15 2025-03-25 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on March 25. Review of Yesterday's Forex Trades

The test of the 1.0815 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited the pair's downside potential. For this reason

Jakub Novak 08:12 2025-03-25 UTC+2

Intraday Strategies for Beginner Traders on March 25

The euro and the pound remained under pressure and underwent another correction, although the British pound was the least affected, thanks to recent data. Activity in the U.S. services sector

Miroslaw Bawulski 07:49 2025-03-25 UTC+2

USDJPY: Simple Trading Tips for Beginner Traders on March 24th (U.S. Session)

Trade Analysis and Tips for Trading the Japanese Yen The levels I outlined were not tested during the first half of the day. The volatility seen immediately after the release

Jakub Novak 16:13 2025-03-24 UTC+2

GBPUSD: Simple Trading Tips for Beginner Traders on March 24th (U.S. Session)

Trade Analysis and Tips for the British Pound The test of the 1.2935 level occurred when the MACD indicator had already moved significantly above the zero line, which limited

Jakub Novak 16:10 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.