AUD/USD Price Analysis: Bulls emerge again following high volatility event

AUD/USD Price Analysis: Bulls emerge again following high volatility event

Time Stamp: January 24, 2023 8:16 PM
Source Node: 1917914
  • AUD/USD bulls eye the 0.7100s on the CPI beat.
  • Bulls move back in following worthy correction.

AUD/USD bulls have moved in at a 61.8% Fibonacci retracement level following the correction of the high-impact data event in today’s Tokyo session as the following illustrates. 

The Aussie Consumer Price Index beat expectations and sent AUD/USD from a low of 0.7038 to a fresh bull cycle high of 0.7084 on the knee-jerk. However, the pair sank back into the spike but has since started to recover and is targeting a break of the session highs at the time of writing.

AUD/USD 1-min chart

The price could rally into the 0.7100/20 area as per the daily chart:

Time Stamp:

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