AUDUSD SIGNAL 24-01-2022 : Australian Dollar Under Pressure on Large PMI Miss. Are Global Macro Conditions Starting to Bite for AUDUSD?

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AUDUSD SIGNAL

AUDUSD SIGNAL : AUSTRALIAN DOLLAR, AUD/USD, PMI, ASX 200, CPI, RBA

AUDUSD TECHNICAL ANALYSIS

AUDUSD SIGNAL : AUDUSD nudged below an ascending trend line to finish last week and remains below there this morning.

This move lower has also moved under all short, medium and long-term simple moving average (SMA) This could indicate that bearish momentum may evolve.

Last week’s low of 0.7170 might continue to provide support as well as the prior lows of 0.7130, 0.70825 and 0.69932.

On the topside, the SMAs might offer resistance and then the recent highs of 0.72768 and 0.73143 may offer resistance.

The Australian Dollar has started the week on the back foot after the release of PMI data today. The January numbers show the IHS Markit Australian Composite PMI fell to 45.3 from 54.9 previously.

The services sector saw a similar decline to 45.0 against the prior read of 55.1 but the manufacturing PMI held 55.3, down slightly from 57.7 for December.

This is likely due to the impact of the spread of Omicron disrupting business activity with case numbers continuing to soar.

Australia’s ASX 200 fell 2.27% on Friday and it has opened 0.7% lower to start Monday morning.

The Australian Dollar also fell 0.57% on Friday and is slightly weaker already this morning.

Tomorrow will see the release of fourth quarter Australian CPI data that will play a significant role in RBA monetary policy discussions. The RBA are due to meet just over a week away, Tuesday 1st February.

Globally, inflation has become a problem for many central banks, most notably the Fed, and forced their hand toward tightening policy. However, it would take a massive miss in tomorrows’ numbers to see the RBA alter the course they have already signalled.

That is, the review of weekly asset purchases and likely reduction over time but no change in rates for now. The usual caveat that this is dependent on unfolding circumstances is likely to be included.

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AUDUSD SIGNAL : AUSTRALIAN DOLLAR, AUD/USD, PMI, ASX 200, CPI, RBA

AUDUSD TECHNICAL ANALYSIS

AUDUSD SIGNAL : AUDUSD nudged below an ascending trend line to finish last week and remains below there this morning.

This move lower has also moved under all short, medium and long-term simple moving average (SMA) This could indicate that bearish momentum may evolve.

Last week’s low of 0.7170 might continue to provide support as well as the prior lows of 0.7130, 0.70825 and 0.69932.

On the topside, the SMAs might offer resistance and then the recent highs of 0.72768 and 0.73143 may offer resistance.

The Australian Dollar has started the week on the back foot after the release of PMI data today. The January numbers show the IHS Markit Australian Composite PMI fell to 45.3 from 54.9 previously.

The services sector saw a similar decline to 45.0 against the prior read of 55.1 but the manufacturing PMI held 55.3, down slightly from 57.7 for December.

This is likely due to the impact of the spread of Omicron disrupting business activity with case numbers continuing to soar.

Australia’s ASX 200 fell 2.27% on Friday and it has opened 0.7% lower to start Monday morning.

The Australian Dollar also fell 0.57% on Friday and is slightly weaker already this morning.

Tomorrow will see the release of fourth quarter Australian CPI data that will play a significant role in RBA monetary policy discussions. The RBA are due to meet just over a week away, Tuesday 1st February.

Globally, inflation has become a problem for many central banks, most notably the Fed, and forced their hand toward tightening policy. However, it would take a massive miss in tomorrows’ numbers to see the RBA alter the course they have already signalled.

That is, the review of weekly asset purchases and likely reduction over time but no change in rates for now. The usual caveat that this is dependent on unfolding circumstances is likely to be included.

Confuse Which Broker is best ? , Here you can find the best regulated broker.

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