AUD/USD consolidates biggest losses in seven weeks above 0.7700
  • Vote Up0Vote Down venynxvenynx
    Posts: 4,525Member
    AUD/USD eases from intraday top while taking rounds to 0.7725-30, up
    0.07% on a day, during early Thursday. In doing so, the Aussie pair
    licks the US inflation-led wounds amid mildly upbeat market sentiment.To
    get more news about WikiFX, you can visit wikifx.com official website.

      The early Asian announcement from the US Centers for Disease Control
    and Prevention (CDC), approving Pfizer's use of the covid-19 vaccine in
    adolescents age 12 and older, seems to have offered a fresh bid to the
    S&P 500 Futures amid a light calendar and empty feeds. Even so, the
    investors remain cautious after the latest strong support to reflation
    fears.
      Following the heavy US Consumer Price Index (CPI) print for
    April, 4.6% YoY versus 3.6% expected and 2.6% prior, the US Federal
    Reserve (Fed) officials rushed to defend their ideology of easy money.
    However, markets couldn‘t believe them and gained additional pessimism
    from CNN’s news suggesting a leading Democratic economist Larry Summers
    warning the White House on the ‘overheating’ issue.

      Elsewhere, Reuters came out with a piece of news citing the US sending
    an envoy to placate conditions in the Middle East after Israel killed
    Hamas commander.

      Against this backdrop, US 10-year Treasury yields wobble around 1.68%
    after rising the most in two months the previous day while stocks in
    Australia are mildly offered.

      Moving on, mixed updates concerning the coronavirus (COVID-19) may
    keep entertaining the AUD/USD traders, likely trimming the previous days
    losses. However, US Weekly Jobless Claims, monthly Retail Sales and
    Producer Price Index (PPI) will be the key to watch during the rest of
    the week.

      Technical analysis

      Although a break of 0.7820 keeps AUD/USD sellers hopeful, a
    convergence of 100-day SMA and an ascending support line from April 01,
    around 0.7720, followed by the 0.7700 threshold, become tough nuts to
    crack for the bears.

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