AUD/USD retreated after inflation report exceeded expectations i

The headline CPI increased to 1.2%, compared to the forecast of a 1.1% increase in the third quarter. RBA is expected to raise interest rates by 25bp at the November policy meeting. USD is supported by a series of optimistic PMI data from the United States announced last night.

On the H4 frame, AUD/USD fluctuates around 0.6340 after breaking through the important resistance of 0.6400. Sellers will continue to test resistance at 0.6429, the 23.6% Fibo level of the down phase from the July peak to the October bottom.

Below that level, the next supports will be the 7-day EMA at 0.6353, 0.6300 and the October bottom at 0.6285.