Aussie dollar traders are preparing for the first major Australian data release of the year this morning in the Asian session, with the first inflation update of 2025 due out midway through the Sydney trading day. Market expectations are for the CPI data to show a 2.2% increase in year-on-year data, and anything significantly different from this expectation could trigger notable moves in the Aussie dollar.
The Aussie has kicked off 2025 with a couple of rallies from the 2024 lows, but stronger US data overnight has caused the currency to fall back toward short-term support levels. The pair is sitting very close to the 200-day hourly moving average at the Sydney open today, and a weaker data print could push it lower to challenge the trendline support and the 2024 lows around 0.6180. A stronger print would likely put more pressure on the RBA to remain hawkish, as they did in 2024, and could push the pair higher toward resistance levels—with trendline resistance now sitting around 0.6290.
Resistance Levels:
- Resistance 2: 0.6302 – 2025 High
- Resistance 1: 0.6290 – Trendline Resistance
Support Levels:
- Support 1: 0.6222 – 200-Day Moving Average
- Support 2: 0.6180 – Trendline Support
