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AUD/USD bulls wiped out on surprise Aussie CPI's

FXStreet (Guatemala) - AUD/USD is currently trading at w0.7130 ith a high of 0.7207 and a low of 0.7119.

AUD/USD dropped sharply in a knee jerk of 60 pips on the surprise miss in CPI's and fell from the vicinity of the 0.72 level, with current lows formatted at the 0.7120 supporting mark. Australia's CPI (QoQ) for Q3 actually arrived at 0.5% and this was coming in below forecasts of 0.6%. Annually came below expectations as well at 1.5% vs 1.7% exp. The data weighs heavily on the Aussie's outlook and challenges the uptrend of below the 0.70 handle from end of last month's business.

AUD/USD levels

Technically, the price remains under pressure below the 0.7385 Fibo retracement while we are en route to 0.7000 with a break of 0.7100 and the base of the short term channel at 0.7051. Karen Jones, chief analyst at Commerzbank explained, "Medium term we continue to target the September low at .6940. Below it lies the .6905 recent low and also the .6774 2004 low.

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