AUD/USD is coming off a string of eight consecutive days of gains but appears to have found resistance at a key longer-term level now that Chinese markets have eased
At the start of this week Chinese indices headed lower after a strong bullish run, brought about by large scale stock and ETF buying from state-linked investment companies. Markets appear to be looking for further accommodation from the state as the Chinese economy continues to struggle with credit, domestic consumption, disinflation, and the beleaguered real estate sector.
In addition, price has moved away from the 200 day simple moving average with the next zone of support coming into play around 0.6520 followed by 0.6460. Monthly Australian inflation data is due in the early hours of Wednesday morning where it is forecast we'll see a slight rise in the measure from 3.4% to 3.5% as price pressures in January appear to remain robust. Inflation has been trending lower since the Reserve Bank of Australia decided to hike interest rates in November 2023.
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