AUDUSD building a Bearish Wedge Ahead of CPI

The AUDUSD is building a bearish wedge ahead of the CPI data due out on the 25th in Australia. The market is a little nervous as last week the inflation data out of New Zealand came in well below expectations. The AUDUSD is building a bearish wedge intraday, with lower highs and consistent lows. A break above the .6380 level or below the .6285 level would cause a breakout or breakdown. On a breakout higher a move towards the .6422 level would be expected, on a breakdown a move towards the .6180 level looks possible.

Blake Morrow

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Blake Morrow