FX News - April 23 2014: Australian CPI in Asia’s Focus Today

FX Strategy Articles > FX Trading Tips

The AUD/USD pair regained its momentum in today’s Asian session ahead of the release of the Australian Consumer Price Index (CPI) data. After remaining largely flat late in yesterday’s US session, and opening today at 0.9370, the pair has made a few gains already. However, it continues to struggle to break past the 0.9400 unlike last week.

Australia’s YoY CPI for Q1 is expected to be at 3.2%, which is slightly higher than the previous period’s 2.7%. The QoQ growth is seen to be the same as the previous period at 0.8%. There’s also the RBA Trimmed Mean CPI for Q1, which is expected to be at 0.7% on a QoQ basis (previously 0.9%), while the YoY basis is expected to be at 2.9% (previously 2.6%).

The AUD/USD pair is currently trading at 0.9374, with initial resistance at 0.9338, followed by 0.9362. Meanwhile, initial support is at 0.9304, followed by 0.9280.

Then there’s the AUD/JPY pair, which has remained quiet so far in today’s Asian session. This came after a sharp rise in the pair during the US session. The pair opened today at 96.16, and is currently trading at 96.21. Initial resistance for the pair is at 95.95, followed by 96.19. Meanwhile, initial support is at 95.63, followed by 95.40.

After erasing much of its losses in yesterday’s European session, the USD/JPY pair continues to be quiet in today’s Asian session. The pair opened at 102.63, and peaked at 102.69 before being pulled back down again. It is currently trading at 102.65, with initial resistance seen at 102.68, followed by 102.93. Meanwhile, initial support is at 102.34, followed by 102.09.

By FX Strategy Team, Published on 23rd of April 2014
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