Australian Economy has been showing signs of resilience with labor data remaining strong. Governor Bullock delivers hawkish message in first speech underpinning the AUD ahead of inflation data tomorrow. Lets us take a look at potential trading setups
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This rhetoric was echoed by recently appointed Governor Michele Bullock who stated the Central Bank won’t have any patience if incomingdata shows a material rise in price pressures across the economy. Tomorrow will bring inflation data from Australia which looks even more important following Governor Bullocks comments.
A positive inflation print tomorrow could facilitate a break below the ascending trendline and bring the 200-day MA into focus around the 1.5920 area. A break lower and the 100-day MA becomes a support zone resting at 1.5670.
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