AUDUSD Chart Technical Outlook higher consumer price index gives a bullish tone
Overnight, we had the monthly consumer price index from Australia. The expected print was 3.8%. The figure came in at 4%. This has given a bullish tone to the Australian Dollar.
From a technical perspective, we are moving higher within the CD leg of a butterfly formation. This pattern will be completed at 0.6739. The previous swing high is located at 0.6705. Support is located at 0.6640.
Conclusion: intraday signals for sentiment are at overbought extremes. Although there is ample scope for corrective dips, I would look for downside price action to find buying interest.
