Today AUD’s (QoQ) (Q1) CPI expecting 0.2%, below the previous 0.5% and yearly CPI expecting 1.5%, below the previous 1.8%.
Gold, Copper and Trump’s tweet also dragged the AUD lower.
Trump’s tweet and recent US data’s support king dollars. Equities’ rally should be positive for AUD yesterday but falling gold and copper price hit AUD.
Today RBA will release their inflation data’s. At the last meeting of RBA’s we came to know at April’s meeting about rate cut. If the CPI comes worse than expected would likely trigger another round of selling AUD.
Form the present rate immediate support at 0.7080. if 0.7080 breaks next target 0.7055/0.7040. if 0.7040 breaks final target 0.7005.
On the other hand immediate resistance at 0.7140. if 0.7140 breaks and stable next target 0.7170 and final target 0.7200 if inflation come better than expected.