AUD/USD Long as CPI data could force RBA to change course
A very strong new trend emerging that has stopped only on the first attempt at the 200DMA on the AUD/USD at 0.7550.
The trend is underpinned by strong commodity prices and the idea that Australia will not be immune to inflation as it reopens from lockdown and that the RBA will join RBNZ, BOC, BOE and the FED in being worried about inflation when it picks up in coming months.
Q3 CPI is Wednesday 27th of October and anything hot here could cause another frenzy like when New Zealand released their inflation on Monday this week coming in at 4.9% y/y.
Targets are the previous range support at 0.7675 on a break of 200DMA.
Support is seen from the trendline at 0.7440 and 0.7380
The trend is underpinned by strong commodity prices and the idea that Australia will not be immune to inflation as it reopens from lockdown and that the RBA will join RBNZ, BOC, BOE and the FED in being worried about inflation when it picks up in coming months.
Q3 CPI is Wednesday 27th of October and anything hot here could cause another frenzy like when New Zealand released their inflation on Monday this week coming in at 4.9% y/y.
Targets are the previous range support at 0.7675 on a break of 200DMA.
Support is seen from the trendline at 0.7440 and 0.7380
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