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Aussie ticks higher

30/01/2019

The Australian Dollar (AUDUSD) ticked slightly higher overnight after  Australian CPI rose 0.5% during Q4 2018 and 1.8% from a year earlier, with both figures coming in above expectations. Modest resistance at 0.7170 has been breached but it must close today above that level to validate the move. We’d expect it to push up to the more robust resistance at 0.7230, but anyone familiar with AUD trading patterns will know that it rarely takes the easy route anywhere. There should be short Stops above 0.7230 so if broken, it should gather a bit of momentum, before the usual bout of altitude sickness starts to weaken the rally. As is usual, resistance then mutates into support so we’d expect to find buyers on the inevitable dip back down afterwards. Part of this rally will depend on the trade talks between China & the US that start today in Washington, where hopes of something resembling progress will boost Australian mineral prospects and inevitably, the currency.

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