Australian Dollar plunged 1.4% this week after reversing off key resistance- range breakout may be imminent. The levels that matter on the AUD/USD technical chart.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Germany 30-bearish contrarian trading bias.
The US Dollar may continue to push higher if PPI data tops forecasts, stoking worries about runaway price growth that forces sooner Fed stimulus withdrawal.
Crude oil prices are at risk after a surprisingly strong US CPI report. A similar outcome from PPI data ahead may further pressure WTI lower as the Colonial Pipeline restarts.