Australia CPI due at the bottom of the hour

AUDUSD sits in near middle of range

The Australia's CPI for 3Q is out at the bottom of the hour with the expectations for 0.5% versus 0.4% in the 2nd quarter. The year on year is expected at 1.9% versus 2.1% last quarter.

For the AUDUSD the pair is sitting near the middle of the range since October 2. That comes in at 0.7089. The current price is at 0.7099.

The pair has been in a narrower range between 0.7040 on the downside and 0.71505 (see red box) that is not a big range for that time period. On a surprise - higher or lower - the price should move toward one of the extremes.

In between is the 100 and 200 hour MA. A move below the 0.7078 (100 hour MA) would be more bearish. Look for the pair to move toward the 0.7040 level. If the number is better watch for a run higher with the 0.7150 a target.