- AUD/USD heading towards 0.72 level
- Australian CPI m/m
- U.S. Interest Rates
Price Movement
Since yesterday, AUD/USD’s movement has been muted until the release of Australian’s CPI data, which sends AUD/USD upwards.
Trend
AUD/USD is moving across in a wide range.
Macro Background
The Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers. Australian CPI performed better than expected, sending AUD/USD up by more than 30pips.
With the recent U.S. government shutdown, the U.S. Federal Funds Rate is expected to maintain at 2.50%. If it is released at a different figure, expect high volatility and price movements. Nonetheless, many will be looking out for hints in the FOMC statement on when the next rate hike may be and how many hikes will be made this year.
Important Issue
None.
Technical
Currently, AUD/USD is moving towards the 0.72 level.
Price Levels
Current Price: 0.71785
Next Resistance: 0.72088
Next Support: 0.71339
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