On our analysis on the 05.04 we identified a bearish engulfing pattern with a potential counter attack above the 0.713 level. We saw that AUDUSD launched a counterattack and broke out to around 0.72 but is now dropping sharply towards 0.703 due to low inflation data. AUDUSD CPI (YOY) (1Q) came in at 1.3% vs 1.5% expected which could force the RBAs hand into cutting rates so we maintain our short position.