Bearish Aussie pattern, ahead of Australian CPI
With CB turning dovish, I think Aussie will be closely watched this week with inflation data on Wednesday, when speculators can put out their new bets regarding the RBA rate decision. Data in recent months showed that inflation is slowing down, so if this path remains unchanged after Wednesday, then RBA can follow other dovish CB, and as a result, aussie can drop. From an Elliott wave perspective, we see the bearish triangle that can be pointing down, but after wave E bounce. Rsistance is at 0.6550-0.66.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.