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AUD/USD Trades Softer Ahead Of Australian CPI

AUSSIE

AUD/USD edged higher into the WMR fix on Tuesday, but trimmed gains thereafter, as USD picked up a late bid and oil retreated after the release of the latest API report suggesting a 4.58mn barrel increase in U.S. crude stockpile.

  • The rate has continued to move lower this morning and last trades -12 pips at $0.7116. A break under Oct 22 low of $0.7085 would open up Oct 20 low of $0.7021. On the flip side, a rally above Oct 23 high of $0.7158 would expose trendline resistance/Oct 15 high at $0.7163/70.
  • Australian CPI data takes focus today. NAB Business Confidence and terms of trade are due Thursday, while private sector credit and PPI hit the wires on Friday.

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