Baxia Markets
April 24, 2024

AUDUSD Rises on Strong Australian CPI Data

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Today's focus is on key economic releases from Australia and the US. Australian CPI (YoY) surpassed economists' forecasts, while US Durable Goods Orders are expected to show growth. This has led to notable market movements in AUDUSD.

Australian CPI data for both YoY and QoQ came in higher than forecasted. YoY CPI stood at 3.6% against the forecast of 3.4% and the previous 4.1%. QoQ CPI was at 1.0%, beating the forecast of 0.8% and the previous 0.6%. In response, the market reacted with a Marubozu candlestick on the hourly timeframe, indicating potential upside.image-png-Apr-24-2024-10-03-59-9576-AM
The EMA 50 and 200 formed a golden cross during the Asian trading session, confirming a bullish reversal. The market has been trading above the upper Bollinger band and occasionally penetrating it over the last two trading days, signaling bullish sentiment.

Oscillator indicators, including MACD and RSI, also support the bullish sentiment. However, caution is advised as the RSI has entered the overbought zone multiple times without a significant pullback. In the short term, AUDUSD may experience a bullish pullback before continuing its uptrend.

Overall, AUDUSD is bullish in both short and long term perspectives. The strong Australian CPI data and technical indicators suggest potential for further upside in the pair. Traders should monitor upcoming key economic releases, to navigate the current market conditions effectively.

In summary, AUDUSD has shown bullish momentum following stronger-than-expected Australian CPI data and a golden cross formation on the EMA 50 and 200. While the market remains bullish, a short-term pullback may occur before the uptrend continues. Traders should exercise caution and monitor key levels for potential trading opportunities.

Key Takeaways:

  1. Australian CPI (YoY) at 3.6% vs Forecast 3.4%, QoQ at 1.0% vs Forecast 0.8%.
  2. Market reacts with Marubozu candlestick, indicating potential upside.
  3. EMA 50 and 200 form golden cross, confirming bullish reversal.
  4. Oscillator indicators MACD and RSI support bullish sentiment.
  5. Short-term pullback expected before AUDUSD continues uptrend.

Key Economic Releases to Watch Today


Actual 3.6% vs Forecast 3.4% vs Previous 4.1%


Actual 1.0% vs Forecast 0.8% vs Previous 0.6%

EUR, German Business Expectations (Apr)

Actual 89.9 vs Forecast 88.9 vs Previous 87.7 

EUR, German Current Assessment (Apr)

Actual 88.9 vs Forecast 88.7 vs Previous 88.1

German Ifo Business Climate Index (Apr)

Actual 89.4 vs Forecast 88.9 vs Previous 87.9

USD, Durable Goods Orders 

Forecast 2.5% vs Previous 1.3%

USD, Crude Oil Inventories

Forecast 1.600M vs Previous 2.735M




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