AUDUSD - Retraced as China CPI, Selling Opportunity
The Aussie is most likely to make a retracement as China CPI performed well this morning, setting a slightly bullish tone for the Asia market.
I am expecting the price to retrace back to 0.716, a supply zone combined with a falling trendline and FR61.8%.
The dollar is most likely to perform better this week as NFP employment change outperformed the forecast.
The market is also becoming more confident that the Fed may raise rate twice this year, including the hike this month which is pretty much guaranteed.
Therefore, the retracement that might or is about to happen for AUDUSD could be a very good opportunity to go in for a short again.
I am expecting the price to retrace back to 0.716, a supply zone combined with a falling trendline and FR61.8%.
The dollar is most likely to perform better this week as NFP employment change outperformed the forecast.
The market is also becoming more confident that the Fed may raise rate twice this year, including the hike this month which is pretty much guaranteed.
Therefore, the retracement that might or is about to happen for AUDUSD could be a very good opportunity to go in for a short again.