AUD/USD (current price: 0,7630)
The Australian Dollar got hit hard today in early trading following the deflationary CPI number of -0.2%, which is the lowest in 7 years. The currency is already down by 1.5% compared to the USD this morning, but the bearish momentum might continue, as the release will put huge pressure on the local central bank to further ease its monetary policy. The weak New Zealand Trade Balance data also weighs on the regional currencies today, although the rise in oil should support the Aussie.
Our assessment: The pair might dip below 0.76 and hit the advancing trend-line as the momentum indicators still show overbought levels.
