The AUDUSD is testing confluence of resistances ahead of inflation data.

The AUDUSD is testing the confluence of the 78.6% Fib and the ascending channel’s T/L resistance ahead of the data tomorrow. A dollar bearish outcome (lower than expected inflation) should produce a breakout higher for the pair with 0.7025 being the next upside target. Alternatively a higher than expected number should produce a rejection and a move back to 0.67.

The AUDUSD is testing confluence of resistances

Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.

Steve Voulgaridis