AUD fell in overnight trading following a string of poor CPI numbers. Consumer prices did increase 0.6% QoQ in 2Q, but that was below expectations for a 1.0% gain (0.9% in 1Q). The RBA trimmed mean (0.5%) and RBA weighted median (0.5%) measures also came in below consensus.

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Watch Out For Durable Goods Orders, But Earnings Will Keep Fuel Risk Sentiment

Price action on AUD/USD (a 4-hour chart of which is shown) as of Thursday (7/22/2010) has broken out above the 0.8850 triple top high that was described yesterday After breakout, price rose around 100 pips above the breakout at its height, as of this writing, with key upside resistance

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AUD/USD Bullish Breakout

Following up with an early post on AUD/USD, the rally causes some adjustments in the Elliott Wave count. I mentioned before that for this to be a wave b, the rally should not have a third wave up above 0.8810. The market ran up to 0.8833 completing an impulse wave

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AUD/USD; Maybe a Flat Instead of a Zig Zag