AUDUSD Technical Analysis – February 10, 2021

The Australian Dollar (AUD) skyrocketed against the U.S. Dollar (USD) on Wednesday, increasing the price of the AUDUSD to more than 0.7700, ahead of the release of U.S. Consumer Price Index (CPI) Ex Food & Energy news. 

Technical Analysis 

As of this writing, the AUDUSD pair affirms around 0.7736. The price of the pair might face some resistance near the given below price tags. 

Resistance 

0.7819 – the major horizontal resistance level 

0.7923 – the upper trendline arm 

0.8000 – the psychological level 

On the downside, the AUDUSD pair might find some support near the listed price levels 

Support 

0.7622 – the key horizontal support 

0.7522 – the lower trendline arm

0. 7500 – the psychological number 

U.S. Consumer Price Index (CPI) Ex Food & Energy News

The US Department of Labor Statistics plans to release figures for the Consumer Price Index (CPI) Ex Food & Energy Today (February 10, 2021). According to economists’ view, the Consumer Price Index (CPI) Ex Food & Energy registered a reading of 0.2% in January, as compared to the reading of 0.1%, in the month before. 

The stats for the Consumer Price Index (CPI) Ex Food & Energy reflects the movement of prices between the retail products selected from representative shopping basket services and goods. It is worth mentioning here that volatile products such as food and energy are excluded to arrive at unbiased numbers. Generally speaking, a high reading is seen as positive for the US Dollar. However, it indicates a bearish market for the AUDUSD pair ahead and vice versa. 

Conclusion

Considering the price behavior of the pair over the last couple of days, buying it around current levels might yield some quick profits in short to medium term trading.