Aussie seems to be losing its positive momentum after falling below 0.7100 AUD AUDUSD $AUD $AUDUSD
greenback’s broad weakness as the market’s mood remained sour. Macroeconomic figures pointed to slowing economic progress in the second quarter of the year, as inflation does not recede while coronavirus-related lockdown in China exacerbated supply chain issues. In fact, JP Morgan downgraded China’s growth forecast to 3.7% from 4.3% in 2022, while other research institutes followed suit.
The 4-hour chart shows that the pair remains above a bullish 20 SMA, which advances above a flat 100 SMA. The 200 SMA, however, maintains its bearish slope well above the current level. Finally, technical Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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