Market consolidates after the plunge
The AUDUSD plunged lower after the weaker than expected quarterly inflation (0.5% vs. 0.7% estimate). The problem…the price plunged so quickly only the traders who were short going into the data benefited. Those who were long got hurt. Those who traded after…well they had limited profit potential. That can lead to disappointment and corrective activity. That may be what we are seeing as the dust settles.
Forex technical analysis: Lower inflation pulls the rug from under the AUDUSD
