AUD/USD continues its downtrend after testing 0.7450.
Due to the DXY strenght, the AUD/USD has strongly broken the 0.7300 and 0.7200 support levels.
Currently at 0.7169, look for continual downward move towards 0.7100 in the short term.
However, watch out for AUD CPI data to be released on Wednesday morning.
Strong CPI data could trigger the RBA to increase rates, a policy action that they are considering but have held off since.
At 0.7100, if RBA rate increase is anticipiated, look for a bounce from this support level in the medium term.
Due to the DXY strenght, the AUD/USD has strongly broken the 0.7300 and 0.7200 support levels.
Currently at 0.7169, look for continual downward move towards 0.7100 in the short term.
However, watch out for AUD CPI data to be released on Wednesday morning.
Strong CPI data could trigger the RBA to increase rates, a policy action that they are considering but have held off since.
At 0.7100, if RBA rate increase is anticipiated, look for a bounce from this support level in the medium term.