AUD/USD: Tecnicals offer little clue ahead of Aus CPI - FXCharts

FXStreet (Bali) - According to Jim Langlands, Founder at FXCharts, ahead of Australia's CPI results, the tecnicals are mixed and offer little clue.

Key Quotes

"Today will be a big one for the Aud, with the CPI due (exp 0.2%qq, 1.3%yy; trimmed mean 0.6%qq, 2.2%yy) , the outcome of which will play a leading part in expectations as to whether the RBA are likely (or not) to cut rates in May."

"Technically, the charts are mixed and offer little clue. To the downside, below 0.7700, the low of 0.7682 will provide the initial support, below which, minor Fibo supports will arrive at 0.7665 and 0.7620 ahead of 0.7600. If/when we ever head back below 0.7600, decent support would lie at 0.7575, 0.7550 and at the trend low of 0.7532 (2 April low)."

"A surprise to the upside in the CPI would see the Aud squeeze back to 0.7755 (100 HMA) above which would visit 0.7780 and possibly 0.7800, but which currently looks pretty safe. Above 0.7800, Friday’s high of 0.7842 will be the initial hurdle, but above which would suggest a run towards 0.7884 (26 March high), 0.7904 (25 March high) and to the trend high at 0.7937."