FPG AUDUSD trend analysis

The US PPI data was released yesterday, showing that the current inflationary pressure in the US is gradually easing, and the market has once again raised expectations that the Federal Reserve will cut interest rates by 50 basis points. The US dollar index declined after the data. Yesterday, the US dollar index declined from 103.2 to 102.5. The decline in the US dollar led to the rise of the Australian dollar. The Australian dollar also successfully broke through the 0.660 position last night and is now reported at 0.663. The market is focused on tonight's US CPI and tomorrow's Australian job market. If there are data results of a decline in US CPI data and strong growth in Australian employment data, then the Australian dollar is expected to continue to rise. The Bank of New Zealand's unexpected interest rate cut made Australia likely to be the latest central bank in the world to cut interest rates.

On the technical side, the Australian dollar has reached the 0.660 position in the short term. The price has returned to the position of correction after a continuous decline on July 24, and the price has returned to the fluctuation range from May to July. The bottom of the Australian dollar's upward trend line is clearly supported in the short term, and the Australian dollar began a volatile upward trend. Focus on 0.664 is the upper and lower watershed of the previous 9-week fluctuation range.

The upper first line resistance is 0.664, the second line resistance is 0.666, and the third line resistance is 0.668.

The lower first line supports 0.662, the second line supports 0.660, and the third line supports 0.658.

# All points are based on FPG, and this recommendation is only general and does not take into account your specific financial situation and needs. Investments involve risk, so be sure to evaluate them carefully. #