9.26 FPG australian dollar trend analysis

AUDUSD H4

Yesterday, the CPI data for August in australia was released, recording 2.7%, meeting market expectations. CPI, as the most important indicator for the Reserve Bank of Australia, decreased from 3.5% in the previous month to 2.7%. Analyzing the details of CPI, it can be observed that the main reasons for this decrease are in the energy sector, with a significant drop in electricity prices by 17.9% and a 7.6% decrease in oil prices compared to the same period last year. The monthly CPI has indeed reached the RBA's interest rate reduction target range of 2%-3%. However, more importantly, the third quarter CPI data to be released on October 30th at the end of next month. If this data continues to stay within the RBA's target range, there may be expectations of an interest rate cut before the end of the year.

Technically, the australian dollar accompanied a short-term decline in the US dollar in the early session yesterday, hitting a high of 0.690 since February of last year, then the price continued to decline, with an intraday decline almost erasing the previous day's gains, dropping to the low of the previous trading day, also the support level near 0.682 mentioned earlier. Pay close attention to the support role of this level. If broken, the australian dollar may begin a deeper correction.

Upper first line resistance at 0.684, second line at 0.687, third line at 0.689.

The first support line is at 0.682, the second support line is at 0.680, and the third support line is at 2625.

#This advice is general in nature and does not take into account your specific financial situation and needs. Investment involves risks, so please assess cautiously.#