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Is the move higher in AUD/USD set to continue?
Since bottoming on October 12th, 2022, at 0.6170, AUD/USD has been on a tear higher. In roughly three months, the pair retraced to the 61.8% Fibonacci level from the highs of 2022 to the lows of 2022, near 0.7027. But can AUD/USD continue to climb? It may depend on Wednesday’s release of Australia’s inflation data. Expectations are for Q4 CPI to increase to 7.5% YoY vs a Q3 reading of 7.3% YoY. This would be the highest level since 1990. In addition, Australia recently began printing a monthly CPI Indicator. Expectations for the new inflation reading are expected to be 7.6% in December vs a prior reading of 7.3%. ... (full story)