AUDUSD Correction inside Trend Channel
Updated
After my last AUDUSD idea was a success, I now think of a correction in the downtrend channel.
Still, AUDUSD would need to break above the vital hurdle at the June and July highs of around 0.6900 to confirm that the trend had reversed to up from down. Until then, the path of least resistance remains sideways, within the recently well-established range of 0.6500-0.6900
Data due on Wednesday is expected to show that Australia CPI eased to 1.0% on-quarter in the April-June quarter from 1.4% in the January-March quarter, and 6.2% on-year in Q2-2023 from 7.0% in the previous quarter. On a monthly basis, CPI is expected to have eased to 5.4% on-year in June from 5.6% in May.
Therefore, the bearish trend will remain suggested until now.
My target is 0.67580
Still, AUDUSD would need to break above the vital hurdle at the June and July highs of around 0.6900 to confirm that the trend had reversed to up from down. Until then, the path of least resistance remains sideways, within the recently well-established range of 0.6500-0.6900
Data due on Wednesday is expected to show that Australia CPI eased to 1.0% on-quarter in the April-June quarter from 1.4% in the January-March quarter, and 6.2% on-year in Q2-2023 from 7.0% in the previous quarter. On a monthly basis, CPI is expected to have eased to 5.4% on-year in June from 5.6% in May.
Therefore, the bearish trend will remain suggested until now.
My target is 0.67580
Trade closed: target reached
Another success idea ✅✅
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