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18.05.2022 09:55

AUD/USD Price Analysis: Retreats from 100-SMA on softer Aussie Wage Price Index

  • AUD/USD extends pullback from weekly top, renews intraday high of late.
  • Australia’s Q1 2022 Wage Price Index eased from market forecasts.
  • Failures to cross 100-SMA, RSI pullback directs sellers toward 50-SMA.
  • Weekly support line, one-month-old trend line resistance act as additional trading filters.

AUD/USD sellers attack 0.7000 psychological magnet as traders consolidate recent gains after downbeat Australian data during Wednesday’s Asian session.

That said, Australia’s quarterly Wage Price Index reprinted 0.7% QoQ growth, versus the 0.8% forecast, while the yearly numbers eased below 2.5% anticipated to 2.4%.

Read: Aussie wage price index miss weighs on AUD/USD

That said, the Aussie pair’s weakness to cross the short-term key moving average joins the recently easing bullish bias of the MACD and softer RSI (14) line to keep sellers hopeful.

However, the 50-SMA and the one-week-old support line, respectively around 0.6965 and 0.6930, will challenge the AUD/USD bears before activating the next round of southward trajectory.

On the contrary, a sustained break of the 100-SMA, around 0.7045 by the press time, will direct AUD/USD prices towards the one-month-old resistance line near 0.7090.

Following that, the 0.7100 threshold may act as an extra filter to test the buyers before directing them towards the monthly high surrounding 0.7265-70.

AUD/USD: Four-hour chart

Trend: Further weakness expected

 


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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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European Frankfurt, Zurich, Paris 06:00 15:00 09:00 18:00 9:00 18:00
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