ICmarkets
Long

AUD/USD going into CPI data...

FX:AUDUSD   Australian Dollar / U.S. Dollar
Despite the commodity-linked currency ranging over 70 pips on Tuesday, the unit was unable to muster enough strength to push out of its current H4 range. Since Monday, the AUD/USD             has been trading between a H4 demand area at 0.8061-0.8081 and the 0.81 handle.

Taking into account that this market is entrenched within a steep uptrend at the moment, and is also seen retesting a weekly support at 0.8065, additional buying is likely in store. The next upside objective on the bigger picture can be seen at 0.8233-0.8159: a daily supply base which happens to house a weekly resistance within at 0.8224.

Market direction:

Ultimately, this market is likely headed above the 0.81 mark in the near term. A decisive H4 close above this number, followed up with a successful retest would, in our book, be enough to drag this market up to the aforementioned daily supply. Personally, we would not target much higher than this since over on the US dollar index             , large monthly support is seen around the 88.50 region.

Data points to consider: AUD inflation figures q/q at 12.30am; Chinese manufacturing PMI at 1am; US ADP non-farm employment change at 1.15pm; Employment cost index q/q at 1.30pm; US pending home sales at 3pm; US FOMC and Federal funds rate decision at 7pm GMT             .

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