FXstreet.com (San Francisco) - After advancing 0.8% Thursday,
AUD/USD looks to be consolidating overnight gains ahead of key
inflation data from China today, last at 1.0585 as it trades a
1.0575-1.0596 range intraday.
From Valeria Bednarik, Chief Analyst at FXstreet.com: "Later today
Chinese PPI and CPI will bring some action again to the pair, and
encouraging readings may then see the pair finally surging above
mentioned barrier, and extend towards next resistance around
1.0660. Profit taking is also possible, yet only below 1.0550 the
pair can turn intraday bearish."
Should price indeed fall below 1.0550, the 1.0520 is the next
bearish target, according to the analyst. Further bullish
extensions above 1.0600 may then target 1.0700 once the mentioned
1.0660 level is cleared. The Australian dollar is sensitive to
economic developments in China given the two nation's close trade