The Aussie is much stronger against the US dollar after the surprisingly large CPI this morning, sitting at 0.8867 at the moment.
That’s up almost 100 points on the low of the day.
The technical traders are watching the old trendline that the Aussie dollar broke recently, when it went to a 3-year-low at 0.8756.
And if it can break back higher again, the bulls will be on the ascendancy — at least in the short term.
0.8875 is the key in the next 12 hours. And if this level gives way, the next level is 0.8940/50 and then 90 cents.