The AUDUSD is once again testing the 0.64 resistance level. This current move higher is due to the weakness in the DXY as the price trades lower toward the 110 support level.
However, for the AUDUSD to trade above the 0.64 resistance level, and to sustain a continual move higher, look toward the CPI data to be released (Forecast: 1.6% Previous 1.8%)
If the CPI data gets released below 1.6%, this could signal that recent rate increases from the RBA are taking effect. Which would further indicate that future rate hikes could either slow down or be done at a smaller scale. Which could in turn help the AU economy avoid a possible recession, leading to the AUDUSD trading higher.
The next key resistance level is 0.6545.
However, for the AUDUSD to trade above the 0.64 resistance level, and to sustain a continual move higher, look toward the CPI data to be released (Forecast: 1.6% Previous 1.8%)
If the CPI data gets released below 1.6%, this could signal that recent rate increases from the RBA are taking effect. Which would further indicate that future rate hikes could either slow down or be done at a smaller scale. Which could in turn help the AU economy avoid a possible recession, leading to the AUDUSD trading higher.
The next key resistance level is 0.6545.
