AUD strengthens after hot inflation data as bullish trend builds

Gregor Horvat Wavetraders

Aussie is recovering very nicely after inflation in Australia came out hotter than expected, meaning there are now fewer chances for potential rate cuts, so any signals from the Australian central bank that they will stay on hold will make AUD much more attractive, especially now when rate-cut expectations for December in the US are increasing. So apparently Aussie could see more strength in line with the S&P 500, and as long as risk-on is here I would not be surprised to see more upside that could confirm the bullish intraday trend once the price passes the 0.6518 resistance.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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