The Australian dollar started the week on a bearish note and lost nearly 1% of its value against the US dollar on Monday. Bears are expected to attack the 0.63100 level next after the Consumer Price Index report. The Australian Bureau of Statistics will be releasing the CPI data for the third quarter on Wednesday. Market participants are cautiously waiting for this report as it measures inflation and purchasing trends. If the CPI data exceeds the market expectations, then the Australian dollar may bounce back from the current level. In case the data fails to satisfy the market census then a sharp correction cannot be ruled out.
Pivot Points on daily timeframe
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