Daily outlook - AUD/USD soars on fundamentals
- In line with expectations, the AUD/USD currency pair left a descending triangle formation in the downward direction.
- Most probably, the rate could continue to move it this direction, but a release of information on the US CPI led to 30-pips depreciation of the Greenback.
- After markets will calm down, the pair most likely is going to try to use the 100-hour SMA near 0.7892 to return into formation and resume the fall in accordance with the general market sentiment, which remains 58% bearish.
- The fact that the buck will attempt to return some of the lost value is also supported by many technical indicators, which point out that the pair is heavily overbought.
- Finally, the presence of the 200-hour SMA near 0.7923 additionally complicates the road upstairs.
