AUDUSD, Daily
The AUD trades higher today in the wake of the latest Australian CPI data which came in slightly better than forecasted. However, the AUD remains fragile and exposed to further commodities’ price swings.
Technically, I spot a non-failure swing trade in play (see above chart A,B,C and the potential D target area). Current market price is above the tentative uptrend line, stochastic analysis is positive and at the time of writing price is above the 0.7015 resistance level. My conclusion supports long positions for short term traders for target 1 at 0.7090 and target 2 at 0.7130.
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