Find your levels and trade your levels!
With AUD/USD bouncing off support, price has continued to rally for the last 2 weeks, gaining over 400 pips. Happy days for anyone that either stayed long, or bought any sort of pullbacks into previous short term resistance turned support.
AUD CPI q/q: 0.7% expected v 0.7% previous.
AUD Trimmed Mean CPI q/q: 0.5% expected v 0.4% previous.
But with Australian CPI data out this morning, could this be the catalyst to provide a bit of a ceiling for the pair?
It’s always hard to find reasons to fade a pair with momentum behind it like this, but this is the sort of are where sellers are going to be looking for any chance to take back some control.
With price hitting previous support that could possibly act as resistance, a weak number could easily see price rejected.
How are you looking to play AUD/USD here? Open a live forex account with top Australian forex broker, Vantage FX.
Dane Williams – @VantageFX
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