USD Trading Outlook (22-07-2014)

AUD/USD The pair held to the lower end of the day’s limited rage for the NY session. Offers in the 0.9400/10 region loomed and with fairly significant risk events coming up bulls weren’t in a mod to push. the pair was pinned below 0.9385 for most of ht NY session as traders awaited speeches RBA Chief Stevens’ Anika Foundation and Asst governor Debelle’s due later. Traders don’t expect a great deal of mention of the AUD in the speeches but any mention of AUD is will likely be an effort to jawbone it lower. After the speeches traders then focus their attention to US CPI and AU Q2 CPI. US inflation is expected unch while AU is f/c to tick a bit higher. Bears will need the stars to align and see US above f/c and AU below estimates to gain control of AUD/USD. If they get their wish, it’s likely 0.9320/30 support will see a serious test. If broken the 200-DMA and May low will get tested. If the CPI results end up being bullish for AUD it’s likely 0.9450/60 resistance and the July high gets tested.