AUD/USD en route to key technical resistance after yesterday's breakout

[forex4you]

AUD/USD en route to key technical resistance after yesterday's breakout

<p style="" class="text-align-justify">This comes as the dollar remains on the softer side for the most part after yesterday's US CPI data <a href="https://www.forexlive.com/news/us-october-cpi-77-yy-vs-80-expected-20221110/" target="_blank">here</a>. Risk trades rallied strongly and we are seeing things pick up again with S&P 500 futures now up 0.4% after a flattish start to the day earlier. In turn, AUD/USD is moving higher and looking towards its 100-day moving average (red line) next:</p><p>That will mark a key technical resistance point for the pair before looking towards further upside momentum, which could carry it through to the 200-day moving average (blue line), seen at 0.6955 currently.</p><p>It's still a bit early to call this as the turning point for the dollar but if the coming inflation readings are able to open up the door for a less aggressive Fed, then that little bit of hope is enough to get markets riled up again surely. This is a market that has been beaten down since the start of the year and is desperate for just about anything they can lay their hands on.</p>

                This article was written by Justin Low at forexlive.com.

Source: AUD/USD en route to key technical resistance after yesterday's breakout

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