$AUDUSD Signal: Rebound to 0.700 Can’t be Ruled Out
Set a sell-stop at 0.6843 and a take-profit at 0.6750.The AUD/USD pulled back in the overnight session as the focus shifted to the upcoming American consumer inflation data. It dropped to 0.6865, the lowest point since Thursday last week as investors reacted mildly to the first speech by Jerome Powell.The AUD/USD price declined slightly after the relatively muted statement by Jerome Powell. In his first speech of the year, Jerome Powell avoided talking about monetary policy.
Therefore, investors are now shifting their focus on the upcoming American inflation data. Economists polled by Reuters expect that inflation rose by about 6.5% in December from the previous 7.1%. Core inflation is expected to have dropped from 6.0% to 5.7%. The AUD/USD pair also pulled back after Australia published the latest retail sales and inflation data. Consumer inflation rose by 4.0% in the fourth-quarter from the previous 6.9% as energy prices remained at an elevated level. Retail sales rebounded modestly in November as holiday shopping started.
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