The Australian dollar remains focused on the bearish trigger level at US$0.6845 – Renewed advances expected to fail

January 10, 2020 - 2 weeks ago
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The Australian dollar has remained relatively negative since the December peak at US$0.7031, with the last seven trading days still keeping the bears active and focused on the critical trigger point at US$0.6845.

The AUD/USD seemed unfazed from the published downbeat inflation data from China’s December month Consumer Price Index (CPI) which fell below the 4.7% forecast to 4.5% prior YoY, whereas the Producer Price Index (PPI) slipped beneath -0.4% expected to -0.5% versus -1.4% earlier.

Looking ahead, the AUD Retail Sales are due shortly and forecast at 0.4%, previous 0.0%.

Later today, is the main event being the release of the Non-Farm Payroll Employment (NFP), which is expected to point to a slowdown in jobs growth after November’s bumper gains with the forecast view at 162,000, previous, 266,000.

From a technical standpoint, a decisive break of US$0.6845 would see an extension to the bearish sentiment and expose the region of US$0.6770.

Viewing the topside, resistance comes in at US$0.6915, and firmer above at US$0.6955.

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