Elliott Wave analysis: Aussie testing resistance after AUD CPI data
|The Aussie jumped to a new high versus the US dollar during the session after the Australian CPI came in at 3.5%, down from 3.8%. However, this was worse than expected, as expectations were at 3.4%. This discrepancy caused a spike to the upside in the Aussie, but it's important to note that inflation is still cooling down, which is the most important, and this cooling trend could suggest that the RBA might consider another rate cut in the coming months if inflation continues heading towards 3%. This expectation might limit the upside then in the near term.
Looking at the wave count, we can see five waves up, which could be in their late stages as we approach the 0.6820 level.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.