AUD CPI Outcome – Forex Trading Tips

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Originally updated: 08:00

Trading Bias: Neutral

Currency pair: None

Current Sentiment: Neutral

We did receive data fom AUD CPI. However, there is no clear sentiment at the moment. Thus, I will be awaiting news flow to provide opportunities to get into the market.

Fundamentals:

The overnight session was relatively subdued as the calendar and newswires were light on market moving news. However, we did have AUD CPI, which came in higher at 2.3% vs expected 2.2%, which is within the RBA’s target band of 2 – 3%.

Because of this AUD CPI reading the AUD could remain supported for today’s session however we feel that the positive sentiment surrounding the AUD is very weak as we’re still fundamentally bearish on the AUD whilst rate cuts from the RBA are still on the table, so be cautious.

Technicals:

At this stage of the session, with limited news flow to present a reason to get into the markets, I will be waiting for pairs to approach key levels of support/resistance and trade the overall trend in line with the fundamentals – this will of course be in conjunction with any news flow we have that provides the market with fresh sentiment and a reason to start getting involved in the market.

Other Market Moving News:

Looking ahead, today’s economic calendar is very light with only the Bank of England minutes coming up at 9:30am – If the minutes are slightly dovish we could use this as an opportunity to sell the GBP. We will also likely have various comments from Eurozone leaders regarding Greece, which is worth monitoring.

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