AUD is still supported by a rising trend line
Christophe Chevalier July 28, 2020 2:07 PM
The Q2 Australian inflation rate will be expected at -0.4% on year tomorrow. AUD remains strong.
Tomorrow, the Q2 Australian inflation rate will be expected at -0.4% on year, vs +2.2% previously. It will be expected at -2.0% on quarterly basis, vs +0.3% previously.
From a technical point of view, on a daily chart, AUD/USD remains supported by an internal rising trend line and by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 0.6920. The nearest threshold would be set at 2019 top at 0.7300 and a second one would be set at December 2018 high at 0.7390 in extension.
Source: TradingView, GAIN Capital
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