AUD matching the Dollar in strength
The AUD was exceptionally strong today ahead of the CPI release in the early hours of Oct 25th. It is expected to have slowed to 5.3% from 6.0% in Q2 leading the futures marked to price in a 75% chance the RBA will hold rates at the Nov 7th meeting.
Technically however there was a different pictures today, with the Pound and Euro falling 200 pips in the session on the back of a much stronger looking AUD than the macro would have you believe.
As London comes to a close, I'm watching to see if 0.63500 will hold as support for price to build through New York and Asia. Having broken out of a 2 day range (0.63250) on Monday I'm looking to see if price can continue it's trajectory and start to turn around the Daily chart which has been bouncing on the lows since the start of the month.
Technically however there was a different pictures today, with the Pound and Euro falling 200 pips in the session on the back of a much stronger looking AUD than the macro would have you believe.
As London comes to a close, I'm watching to see if 0.63500 will hold as support for price to build through New York and Asia. Having broken out of a 2 day range (0.63250) on Monday I'm looking to see if price can continue it's trajectory and start to turn around the Daily chart which has been bouncing on the lows since the start of the month.
Order cancelled:
Post CPI move is slowly being faded invalidating any Long entry based on strength. I'll keep watching to see what happens if we get back to 0.63500 but for now I'm calling this one cancelled.