AUDUSD Outlook

From the FXWW Chatroom: AUDUSD: 0.7450 is the 50% retracement of the Dec/Mar rally, but the pair is already in jeapordy of breaking the 0.7485 triple bottom area. A candlestick close below those levels should lead to further selling. Big gap to fill down low, with room still on the RSI daily.
AUD CPI data slightly disappointed versus expectations. In the core trimmed mean measure, the 1.8% y/y reading slightly undershot expectations of 1.9% and the RBA’s own lower-bound target of 2%. In terms of components, automotive fuel drove index gains, while household equipment, furnishings and services fell. Weakness in domestic non-regulated price components is likely to keep the RBA cautious about demand, but should not significantly shift the RBA’s current policy inertia either way.
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