AUD/USD Price Analysis: Bulls emerge again following high volatility event

AUD/USD bulls eye the 0.7100s on the CPI beat.
Bulls move back in following worthy correction.

Ross J Burland FXStreet

AUD/USD bulls have moved in at a 61.8% Fibonacci retracement level following the correction of the high-impact data event in today's Tokyo session as the following illustrates.

The Aussie Consumer Price Index beat expectations and sent AUD/USD from a low of 0.7038 to a fresh bull cycle high of 0.7084 on the knee-jerk. However, the pair sank back into the spike but has since started to recover and is targeting a break of the session highs at the time of writing.

AUD/USD 1-min chart

The price could rally into the 0.7100/20 area as per the daily chart:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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