Forex Chart Of The Day: AUDUSD Breaks Key Highs

The price of AUDUSD has traded through the key highs as inflation looks to move higher again. Will this offer long trading opportunities?

Watch the video to learn more…

AUDUSD Breaks Higher as Inflation Rises

The AUDUSD currency pair has been making strong gains recently, breaking through key resistance levels including trendlines and previous highs. This move higher comes as CPI figures, set to be released on Wednesday, are expected to show an increase in inflation from 6.9% to 7.2%.

This increase in inflation could be a contributing factor to the AUDUSD’s recent strength, as rising inflation can lead to an increase in interest rates, which can in turn make a currency more attractive to investors.

As the AUDUSD continues to push higher, the next target for price will be the 0.7100 August 2022 highs. This level was previously reached in August of 2022, but the price fell 800 pips from this point. If the AUDUSD can break through this resistance, it could signal further gains in the future.

Overall, the combination of rising inflation and strong technical gains make the AUDUSD an interesting pair to watch in the coming weeks. Stay tuned for updates on this developing story.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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