AUDUSD trades toward high from last week

The AUDUSD is moving to a new session high breaking above the earlier high for the day at 0.70486. The next target is the high from last week at 0.70629. That high was the highest high going back to August 15 of last year. The 61.8% of the move down from the April 2022 high comes in at 0.7091, above that is the high from August at 0.71357.

Looking at the hourly chart below, the price on Friday moved above the 200 and 100 hour MA and traded higher - in a volatile up and down fashion yesterday. The price action today was also up and down volatile with the bullish bias.

AUDUSD moves to a new high but bumps against the highs

Tomorrow in Australia, (later today at 7:30 PM ET) the CPI data will be released for the 4Q with expectations of 1.6% vs 1.8% last quarter. The YoY is expected to rise to 7.6% from 7.3%. The trimmed mean - which takes out the most volatile 30% of items - is expected to rise by 1.5% vs 1.8%. Overall, that is not great inflation numbers. Inflation remains elevated and well above the central bank target.