AUDUSD dips after soft China CPI data

AUDUSD eased below 0.6500 mark (cracked Fibo 61.8% of 0.6270/0.6871 rally) on Thursday, deflated by softer than expected China inflation data.

Fresh weakness emerged after recovery attempts from 0.6468 (new 2024 low, posted on Feb 5) were repeatedly capped by 100DMA (0.6530), keeping the larger bearish technical picture intact.

Daily moving averages remain in full bearish setup, with a double death-cross (10/200 and 20/200DMA’s) adding pressure, along with rising negative momentum.

Bears look for initial signal on daily close below 0.6500 to attack 0.6468 pivot, loss of which would open way for extension towards targets at 0.6411 (Fibo 76.4%) and 0.6338 (Nov 10 low).

Near-term bias to remain with bears as long as 100DMA caps, while break higher would ease bearish pressure and expose the upper pivot at 0.6571 (200DMA / base of thick daily Ichimoku cloud).

Res: 0.6530; 0.6571; 0.6600; 0.6624
Sup: 0.6468; 0.6411; 0.6351; 0.6338