- AUD/USD bulls eyeing 0.7100s at CPI level.
- The bulls are coming back after a well-deserved correction.
AUD/USD bulls moved to the 61.8% Fibonacci retracement level following a correction of a high-impact event in today’s Tokyo session, as shown below.
The Aussie Consumer Price Index beat expectations, sending AUD/USD from a low of 0.7038 to a new bull cycle high of 0.7084. However, the pair fell back to the top but has since recovered and is targeting a breakout of session highs at the time of writing.
AUD/USD 1 minute chart
The price could rise to the 0.7100/20 area according to the daily chart: