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Jan 24 - 10:55 PM

AUD/USD - Key Resistance Gives Way, As Inflation Jumps

By Andrew M Spencer  —  Jan 24 - 10:15 PM

  • AUD range traded into CPI, which was significantly stronger than expected

  • RBAs preferred trimmed mean - +1.7% q/q poll 1.5%, +6.9% y/y poll 6.5%

  • AUD has surged +0.75% with solid flow on D3 - breaking major resistance

  • Inflation jump puts the pressure on the RBA to adopt a more hawkish stance

  • RBAWATCH prices a Feb 7th 25pt hike to 3.35% at 76.3% from 58.3% pre CPI

  • Charts; daily momentum studies and 21 day Bollinger bands head higher

  • 5, 10 & 21 day moving averages all track north - positive trending setup

  • Major resistance at 0.7091, 61.8% of the 2022 fall has finally broken

  • Next stop 0.7136 the August high - today's 0.7033 low pivotal support

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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