News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/0EPD9GZWPe
  • RBA's Debelle - Economic recovery significantly exceeded the most optimistic expectations - But that is not the case for wages and inflation - Will not raise rates until actual inflation is sustainably within target band - Do not expect these conditions to be met until 2024
  • 💶 Retail Sales YoY (MAR) Actual: 12% Expected: 9.6% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:💶 Retail Sales YoY (MAR) due at 09:00 GMT (15min) Expected: 9.6% Previous: -2.9% https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇦🇺 RBA Debelle Speech due at 09:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-06
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/ffKynOknhM
  • 🇬🇧 Markit/CIPS UK Services PMI Final (APR) Actual: 61.0 Expected: 60.1 Previous: 56.3 https://www.dailyfx.com/economic-calendar#2021-05-06
  • 🇬🇧 Markit/CIPS Composite PMI Final (APR) Actual: 60.7 Expected: 60 Previous: 56.4 https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇬🇧 Markit/CIPS UK Services PMI Final (APR) due at 08:30 GMT (15min) Expected: 60.1 Previous: 56.3 https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇬🇧 Markit/CIPS Composite PMI Final (APR) due at 08:30 GMT (15min) Expected: 60 Previous: 56.4 https://www.dailyfx.com/economic-calendar#2021-05-06
AUD/USD Levels to Know for Australia CPI Tonight

AUD/USD Levels to Know for Australia CPI Tonight

Michael Boutros, Strategist

Talking Points

  • AUD/USD at risk sub-7611 heading into Australia CPI
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

AUDUSD 240min

AUD/USD 240min Chart

Technical Outlook: AUDUSD has been trading within the confines of a well-defined descending pitchfork formation with a sliding parallel extending off the 3/30 high continuing to cap the weekly opening range highs. Heading into tonight’s Australia Consumer Price Index (CPI), the pair remains vulnerable while below the upper parallel / 50% retracement at 7611 with near-term support eyed at the 75-handle. A break below this level keeps the short-bias in focus targeting 7473 & 7455. Subsequent targets eyed at 7417 & 7385.

A breach / close above 7611 would be needed to shift the focus back to the long-side with such a scenario targeting the monthly open / 61.8% retracement at 7632/43 backed by 7680. Keep in mind consensus estimates are calling for a pickup in both headline & core inflation, leaving the risk weighted to the downside if the data misses.

Check out our 2Q AUD/USD projections and more in our Free DailyFX Trading Forecasts.

AUD/USD Levels to Know for Australia CPI Tonight
  • A summary of IG Client Sentiment shows traders are net-short AUDUSD- the ratio stands at -1.06 (48.4% of traders are long)- weak bullish reading
  • Long positions are 10.5% higher than yesterday but 2.6% lower from last week
  • Short positions are 5.4% higher than yesterday but 9.5% lower from last week
  • Despite the fact that traders remain net-short, the recent shift in positioning (build in longs) suggests that the long-signal remains vulnerable here heading into tonight’s CPI release. From a trading standpoint, I would be looking to short a spike into structural resistance.

How does current AUDUSD sentiment help identify trend? Get more information on Sentiment here Free!

---

Relevant Data Releases

AUD/USD Levels to Know for Australia CPI Tonight

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES