AUD/USD is struggling to clear 100-hour SMA despite the uptick in Aussie wage growth
- The AUD/USD is struggling to move past the 100-hour simple moving average (SMA).
- An uptick in the Aussie wage price index seems to have gone unnoticed.
- The currency pair has created a bearish continuation pattern on the hourly chart.
The Aussie dollar is currently trading at 0.7224, having hit a high of 0.7238 earlier today. Notably, the pair is having a tough time scaling the 100-hour SMA lined up at 0.7232.
The ABS data released 30 minutes before press time showed the wage-price inflation ticked higher to 0.6 percent quarter-on-quarter in the September quarter from the previous quarter's print of 0.5 percent. Meanwhile, the annualized figure rose to 2.3 percent, in line with the expectations.
The uptick in the wage price inflation, however, has gone unnoticed. That makes the pair more vulnerable to risk aversion in the Asian stocks. As of writing, stocks in Australia, New Zealand, and South Korea are flashing red, while Japan's Nikkei is reporting moderate gains.
On the hourly chart, the pair seems to have carved out a bear flag - a bearish continuation pattern. A break below the lower edge of the flag, currently at 0.7205, could yield a drop to 0.7164 (Monday's low).
AUD/USD Technical Levels
AUD/USD
Overview:
Last Price: 0.7227
Daily change: 16 pips
Daily change: 0.222%
Daily Open: 0.7211
Trends:
Daily SMA20: 0.7148
Daily SMA50: 0.7161
Daily SMA100: 0.7259
Daily SMA200: 0.7462
Levels:
Daily High: 0.7226
Daily Low: 0.7164
Weekly High: 0.7304
Weekly Low: 0.7183
Monthly High: 0.724
Monthly Low: 0.702
Daily Fibonacci 38.2%: 0.7202
Daily Fibonacci 61.8%: 0.7187
Daily Pivot Point S1: 0.7174
Daily Pivot Point S2: 0.7138
Daily Pivot Point S3: 0.7112
Daily Pivot Point R1: 0.7237
Daily Pivot Point R2: 0.7263
Daily Pivot Point R3: 0.7299
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
