AUDUSD tests midpoint of the day’s trading range
The AUDUSD traders in the home country, will be coming back from the long Easter weekend with the price below the 100 day MA at 0.71345 level. However it is also just above a swing area and the 50% of the move up from the April low in the 0.71284-31 area.
So traders will be faced with a decision to bottom and go higher or break the 0.7128 level and continue the corrective move lower. Key decision time for the pair and for traders as their delayed start to the new week begins.
A key release this week in Australia will be the CPI data for the 1Q (0130 GMT on April 24). The expectations are for a 0.2% increase (was 0.5% in 4Q) and YoY of 1.5% (down from 1.8%). Moving away from the 2.0% target is not bullish for the AUDUSD.