Technical Analysis: AUDUSD

AUDUSD fell for the second straight trading day

On Wednesday, AUDUSD declined for the second straight trading day. It ended down 0.63% at 0.6946.

Australia CPI failed to meet expectations in February

Australia CPI, y/y (February) fell from 3.8% to 3.7% Vs. 3.8% (forecast), according to the data from Australian Bureau of Statistics.

The USDX continued rising

On Wednesday, the USDX continued climbing and stood at the 99 mark. It ended up 0.42% at 99.64.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, AUDUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that AUDUSD will decline further. Investors should focus on whether AUDUSD will break through the support at 0.690. It will dip with potential support at 0.683 if it breaks below 0.690.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and dipped. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, demonstrating that the market trend is bearish. Investors should focus on whether AUDUSD will break through the resistance at 0.698. It will fall if it rebounds but is capped at 0.698.

Key resistance: 0.698,0.702

Key support: 0.690,0.683

Generally speaking, the bearish market trend prevailed. Investors could sell as AUDUSD rebounds during the day.