According to the Australian Bureau of Statistics (ABS), the Consumer Price Index in the country rose by 0.5 per cent in the quarter ending in September, compared to the 0.6 per cent surge recorded in the previous period.
The general inflation rate rose by 0.1 percentage point to 1.7 per cent in September, compared to the 1.6 per cent that was recorded in the 12 months to the June 2019 quarter.
Inflation Rate in Australia. Image source: TradingEconomics.com
Thus, RBA’s accommodative monetary policy stance appears to has supported short-term stabilisation in local prices, as inflation comes nearer the 2 per cent target level of the central bank.
The interest rate in the country was twice reduced by 25 basis points each time since July 2019, and the results are already showing, as inflationary pressures continue to improve.
The observed improvement in Australia's economic outlook is sure to reflect positively on its currency, and consequently, the Aussie is expected to extend its recent gains.
The AUDUSD is continuing to develop per our projections from 14.10.19, by extending the bullish trend.
The development of the bullish trend was momentarily impeded by a short-term price correction (the throwback) after the price had previously broken above the major resistance at 0.68000. However, the Markup is once again set to continue its appreciation.
The price is expected to rise at least to the 61.8 per cent Fibonacci retracement level at 0.69362, supported by robust market events that are scheduled to take place this week.
The FED is expected to cut the US interest rate by 25 basis points later today, which is going to boost the pair's bullish trend further.
AUDUSD 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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