Aussie Shows Bullish Pattern After Hot CPI Data

27 Jun 2024

Aussie is still sideways against the US dollar, trapped in a range for more than a month. However, the price is now moving towards the upper side of this pattern after hot Australina CPI (4%) this week, so RBA shoudl stay hakiwhs, suggesting a greater chance for a break out of a bullish triangle rather than a bearish trend. If analysis is correct, we are currently in a subwave "e", meaning there could still be some intraday weakness down to the 0.6630 to 0.6640 potential support levels. These would then be the final piece of this bullish structure, which should eventually take the price higher.

However, only if the price closes above 0.6700 , the triangle will be seen as completed, and we should expect a straight move higher, possibly even to the 0.6780 area.
Grega

3 Jul 2024

Nota

Aussie is breaking higher out of projected wave B bullish triangle pattern for wave C and there can be space up to 0.68 resistance area to complete a five-wave cycle of the lower degree before it finds the resistance.