Weekly trade idea on AUD/USD – FXStreet


Week: 26-30.10.2020

Key event: AUD. Consumer Price Index. CPI

The Consumer Price Index (CPI) is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive for the AUD, while a low reading is seen as negative.

We expect a positive reading.

fxsoriginal

By the expectation, we should see a strengthening in AUD against other currencies since the beginning of the week. On wednesday, releasing day, there will be a reaction in case of a surprise in data. In case of a positive surprise, there will be even more strengthening. In case of important negative release, we might see prices go back to previous support.<

Key Levels

Trend

Bullish.

Price is above 0.7032 support level and it should test 0.7200 resistance because of expected positive results in Australian PCI.

Call to Action/Trade Idea

Until Wednesday will be looking for buying opportunities in AUD with a first target between 0.7200 and 0.7270 resistance levels.

In case of a positive unexpected result regarding the data, we might see prices reach 0.7340. 



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