FX.co ★ AUDUSD plummets after CPI higher than expected.

Red lines- bullish channel

Black lines -Fibonacci retracement

AUDUSD is trading around 0.6820 while earlier today price was at 0.6920 and its recent highs. Price has made an upward move from 0.67 from September 7th. This upward move is over. The Dollar is strengthening against its pairs due to the higher than expected CPI numbers announced a few minutes earlier. The upward move is over as we can see price breaking out of the bullish channel. Support is found at 0.6785. Bulls do not want to see price make a daily close below that level. Recent highs are very important resistance and bulls need to recapture it in order to avoid any danger of falling below 0.67. As long as price is below 0.6920 we remain bearish.