AUD/USD Pulls Back Despite Higher-Than-Expected Inflation Data
The AUD/USD pair has given up some of its intraday gains after reaching close to 0.6690 during Wednesday’s European session. The Australian Dollar is struggling to maintain its rally, which was initially sparked by hotter-than-expected Australian monthly Consumer Price Index (CPI) data for May.
The latest CPI data revealed that inflation pressures surged, with prices growing at a robust pace of 4.0%, surpassing the forecast of 3.8% and the previous reading of 3.6%. The report highlighted significant price increases in fuel, food, electricity, and rentals, which have all contributed to the heightened inflationary pressures.
From a technical perspective, having successfully closed our previous profitable trade on AUD/USD, we are now looking for another opportunity. We are targeting a pullback within the 38.2% to 61.8% Fibonacci retracement area for a new long position, adopting a conservative approach to this potential setup.
Previous Winning Forecast:
The latest CPI data revealed that inflation pressures surged, with prices growing at a robust pace of 4.0%, surpassing the forecast of 3.8% and the previous reading of 3.6%. The report highlighted significant price increases in fuel, food, electricity, and rentals, which have all contributed to the heightened inflationary pressures.
From a technical perspective, having successfully closed our previous profitable trade on AUD/USD, we are now looking for another opportunity. We are targeting a pullback within the 38.2% to 61.8% Fibonacci retracement area for a new long position, adopting a conservative approach to this potential setup.
Previous Winning Forecast:
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✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.