AUD/USD
This morning, Australia's inflation data came out lower than expected, which put pressure on the aussie, showing a technical reversal from yesterday's MACD resistance line and the target level of 0.6612. Australia's Consumer Price Index in the fourth quarter fell from 5.4% to 4.1%, below the expected 4.3%. The quarterly increase was 0.6%, against an expectation of 0.8%. The aussie fell by 40 pips from the market opening, and the price has covered yesterday's low.
But the price has quite a wide support range, every 5 pips there is some technical line up to the target level of 0.6504. The signal line of the Marlin oscillator has started a downward reversal while being in negative territory.
Of all the major commodity currencies, the Australian dollar is better prepared for a counter-move against the outcomes of the Federal Reserve meeting, assuming, of course, they turn out to be dovish. There are factors that are holding back the AUD/USD from falling: good China PMI figures that were released this morning and the Reserve Bank of Australia meeting, which will take place on February 6th.
On the 4-hour chart, the price fell below the balance line, and ahead of it is the support (0.6552) of the MACD line, overcoming which opens the target of 0.6504. The Marlin oscillator has settled in negative territory, thereby complicating the conditions for growth. The Australian dollar awaits the FOMC meeting, as there is still a need to relieve pressure from commodity prices.