However, It seems Aussie found the support at 0.7350
Tomorrow, the main focus is Australia CPI data.
Due to Aussie is staying in the oversold zone. We have two options on the table:
- If CPI is negative -Aussie will break the support and extend the loss.
- If CPI is positive- Aussie bounces back- profit taken dominate market
But Is CPI data positive or negative ?
This is a tough question.
- Previous: 1.3 % - Consensus: 1.7% ( Economists give this number)
We have leading indicators for Australia CPI:
- Consumer expectation
Both data showed positive number, so likely the CPI data tomorrow could pickup vs last month. However, I DON'T BELIEVE THE DATA COULD BEAT THE CONSENSUS : ECONOMISTS IS SO OPTIMISTIC.
I think the data could print at 1.5%, 1.7% is too high.
Hence, I choose SHORT position for AUDUSD tomorrow.
In the long term, I still favor the . SELL THE RALLY IS THE GOOD OPTION if Aussie pullback.
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