Has the AUD/USD found a support at the 0.7100 area?
Following the CPI data release 2.1% (qtr) and 5.1% (yr), this is likely to trigger the RBA towards a rate increase in the coming months. There has been market opinions that the RBA could increase rates significantly in June.
Currently at 0.7162, look for short term buying opportunity if the AUD/USD breaks above 0.7200, with next resistance at 0.7300
Following the CPI data release 2.1% (qtr) and 5.1% (yr), this is likely to trigger the RBA towards a rate increase in the coming months. There has been market opinions that the RBA could increase rates significantly in June.
Currently at 0.7162, look for short term buying opportunity if the AUD/USD breaks above 0.7200, with next resistance at 0.7300