I’m taking a look at one other potential pullback on AUD/USD immediately, however this time taking the weak Australian CPI into consideration.

Do you assume these close by inflection factors may maintain as resistance?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/USD for a doable pullback forward of the Australian CPI report. Be sure you take a look at if it’s nonetheless a great play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Information:

Canadian headline Could CPI got here in step with consensus at 3.4% year-over-year from earlier 4.4% studying, lowest since June 2021

U.S. Could core sturdy items orders rebounded 0.6% month-over-month after earlier 0.3% decline, headline studying up 1.7% vs. estimated 0.8% drop

Richmond manufacturing index improved from -15 to -7 in June vs. estimated -12 determine

U.S. CB client confidence index jumped from 102.5 to 109.7 in June vs. projected 103.9 studying, highest degree since early 2022

Australian Could CPI slumped from 6.8% to five.6% year-over-year vs. estimated dip to six.1%

Japanese Ministry of Finance’s vice minister Kanda says they’re carefully monitoring FX strikes with a excessive sense of urgency

German GfK client local weather index fell from downgraded -24.4 studying in Could to -25.4 in June vs. projected -22.9 determine

Worth Motion Information

Overlay of AUD & NZD Pairs 15-min

Commodity currencies just like the Aussie and Kiwi returned their earlier day winnings after which some, because the downbeat Australian CPI dampened hopes for an additional RBA hike in July.

Different higher-yielding currencies gave up a little bit of floor on risk-off flows whereas the yen and greenback caught some bids.

Threats of yen-tervention when USD/JPY reaches the 145-150 zone seem like retaining a lid on yen declines whereas stronger-than-expected U.S. knowledge continues to offer assist for Treasury yields and the U.S. forex.

Central financial institution heads Lagarde, Ueda, Powell, and Bailey to talk in ECB discussion board beginning 1:30 pm GMT
EIA crude oil inventories at 2:30 pm GMT

Use our new Foreign money Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

AUD/USD 15-min Foreign exchange Chart by TV

It seems to be like Aussie bears have regained the higher hand recently!

AUD/USD fell by way of the ground round .6670 and is now in pullback mode after bouncing off the newest lows.

The Fibonacci retracement instrument reveals that the previous assist space is spanned by the 50% to 61.8% ranges, that are simply barely above S1 (.6660).

A shallow correction may even discover sellers on the 38.2% Fib nearer to the .6650 minor psychological mark. If any of those maintain as a ceiling, AUD/USD might fall again to the swing low once more.

However, a robust surge in risk-taking might propel the pair again up above the Fibs and onto the swing excessive that strains up with R1 (.6720).

Higher hold your ears peeled for remarks by Fed head Powell throughout the ECB Discussion board when buying and selling this greenback pair!