AUD/USD Tests Key Supports as Inflation in Australia Falls to 4.1%
Gregor Horvat | Jan 31, 2024 04:15AM ET
Aussie turned lower overnight after inflation data came down to 4.1% on a yearly basis from 5.4, expectations were 4.3. So it's a nice drop meaning that RBA can be more dovish, but still as long as data is above 4% it remains far from RBA inflation target (midpoint target is 2.5).
From the Elliott wave perspective, pair can see even more weakness to aorund 78.6% if 0.6550 is broken today, after the FED.
Bullish level remains much higher at 0.67. But I still think that aussie can find some buyers, but we need stocks still to stay in uptrend and USDCNH should weaken into fifht wave.
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