Technical Analysis: AUDUSD

AUDUSD rose to a 10-month high

On Wednesday, AUDUSD continued rising. At one point, it reached 0.6635, which marked the highest level since November 2024.

US inflation declined

US PPI, y/y (August) fell from 3.3% to 2.6% Vs. 3.3% (forecast), and US PPI, m/m (August) declined from 0.7% to -0.1% Vs. 0.3% (forecast), according to the data from the US Department of Labor.

As US inflation declined, the expectation that the Fed will reduce the interest rate rose.

China CPI decreased year on year in August

China CPI, y/y (August) fell from 0% to -0.4% Vs. -0.2% (forecast), according to the data from the National Bureau of Statistics of China.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.6635. It will climb further with potential resistance at 0.6700 if it breaks above 0.6635.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and climbed in the short term. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether AUDUSD will break through the support at 0.6600. It will climb if it retreats but is stable above 0.6600.

Key resistance: 0.6635,0.6700

Key support: 0.6600,0.6580

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US CPI during the day.