Likely to be a quiet day in this Forex currency pair after the Asian session ends.
was simply bullish following the previous day’s lower than expected US CPI data, which triggered a solid bullish breakout beyond $0.6700 and $06800 as well.This was a good call insofar as it was very much an up day, with the price rising firmly boosted by the strong risk-on sentiment and selloff in the US Dollar, getting all the way to the key resistance level at $0.6895 before eventually reversing.
The price has come down over recent hours as risk sentiment has soured slightly during today’s Asian session , but the price is doing nothing special, is in a comfortable area, and has no real momentum. As it is likely to be a quiet Monday, this makes today’s price movement here difficult to predict. There may be an opportunity for a scalp off the support level at $0.6794 if it is reached today but it will be wise to be conservative with taking profits from that if it sets up.
Concerning the USD, there will be a release today US Empire State Manufacturing Index data at 1:30pm London time. Regarding the AUD, the Reserve Bank of Australia will release the minutes of its most recent policy meeting at 2:30am.
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