A lot of this week’s moves in the Australian Dollar (AUD), Euro (EUR) pair will be dictated by monthly Consumer Price Index (CPI) data for October releasing Wednesday. We expect inflation to rise at a faster pace of 2.5% compared to 2.1% in September. This will influence the RBA upcoming decision and the path or future policy. German and Spanish inflation reads are out Thursday and look to also print higher than previous months. Technically on the chart price has bounced higher off 0.6190 (1.6160) support which could signal further upside for the AUD.
Current Level: 1.6142
Resistance: 1.6300
Support: 1.6000
Last Weeks Range: 1.5966- 1.6360