USD Trading Outlook (28-01-2015)

AUD/USD wasn’t able to make much bullish headway in NY’s session even as the USD tumbled against most other major currencies. The pair got only a small boost off the below forecast durable goods orders as it traded to a 0.7975 high. A upbeat US consumer confidence number helped turn the USD’s fortunes and AUD/USD began steadily declining. Fears over a below forecast Aussie CPI due later likely tempered any bullish thoughts for the pair as well. The pair’s slide tested near Europe’s low and it sat just above 0.7925 late in the day. Should Oz CPI come in below f/c, calls for an RBA rate cut will be upped. Bear pressure will then be applied to AUD/USD and we might see the pair go on to break the 2015 low and test support near 0.7700.