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    AUD/USD Analysis, An Important Breakout Is Finally Here

    Abstract:The US Inflation data once again beat expectations and brings anxiety to the market, slacking the US Dollar index.

      The US Inflation data once again beat expectations and brings anxiety to the market, slacking the US Dollar index. DXY lost 0.28% yesterday and is down 0.12% today, while commodities like gold and silver are looking to rally. The Australian Dollar which is mainly correlated to Gold is on the main spot light.

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      US MoM inflation data as per March closed at 1.6% which is above the anticipated 1.5%, CPI YoY as per March closed at 0.3% above the anticipated 0.2%. Annual inflation rate in March exposed 2.6% which is far beyond the FEDs desired 2%. Hence, investors worry that the FED may reconsider the interest rates sooner than expected.

      [fx-image src=/2021/04/word-image-140.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/04/word-image-140.png originalWidth=721 ratio=2.2]

      AUD/USD started the month positively, adding 1.06% to its value, as a currency correlated to the price of Gold and Gold is considered as an “inflation rescuer” for investors, it is fair to say that AUD/USD will continue gaining through the month. Australian Consumer sentiment index in April surged to 6.2% (previous 2.6%) as consumers tend to show confidence in the economic growth of Australia.

      The bullish continuation of AUD/USD is confirmed by the breakout from the ending diagonal and the downtrend channel which the pair was following since February 25.

      [fx-image src=/2021/04/word-image-141.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/04/word-image-141.png originalWidth=1852 ratio=1.79]

      AUD/USD quote on Overbit

      MACD remains bullish on the Aussie, whereas RSI is approaching an overbought zone and the pair is testing the 200MA as resistance. If the Aussie remains above the $0.76635, it will continue the uptrend and test resistances at $0.77685 and $0.78300.

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