​Chart Of The Day: AUDUSD pulls back from 50-DMA as China's sluggish PPI weigh on upbeat CPI

Tue, 10 Sep 2019 13:16

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China's downbeat factory-gate inflation (PPI) stopped the Aussie buyers from cheering the welcome prints of CPI as the AUDUSD pair pulls back from 50-DMA after the data release. With this, prices are likely to revisit 0.6835/30 horizontal-support including June/July low and Thursday's high. In a case the quote fails to bounce from .6830, 23.6% Fibonacci retracement level of 0.6800 and mid-August bottom around 0.6735 might flash on bears' watch-list.

If at all the pair manages to post a daily closing beyond 50-DMA level of 0.6865, 38.2% Fibonacci retracement level of 0.6880 and 0.6905/10 horizontal-area including 100-DMA and early-July low could question buyers.

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