AUD/USD is trading above 0.7800 due to higher than expected CPI, good to buy at dips

• RES 4 :0.7938 (Mar 24^th high)
  
  
• RES 3: 0.78880

• RES 2: 0.7840 (Apr 17^th high)

• RES 1: 0.7798 (61.8% retracement of 0.7840 and 0.7680)

      PRICE: 0.7805 @ 9:25 GMT 

• SUP 1: 0.7770
  
  
• SUP 2: 0.7735 (20 day HMA)
  
  
• SUP 3: 0.7695 (200 day HMA)

• SUP 4: 0.7660 (61.8% retracement of 0.755 and 0.7840)

AUD/USD has retraced almost 61.8% from the low of 0.7680 due to higher than expected CPI data. Headline CPI rose 0.2% mom, 1.3% yoy in Q1, slowed from prior quarter's 1.7% yoy.

Short term trend is bullish as long 0.7695 holds. On the upside minor resistance is around 0.78355 (61.8% retracement of 0.8025 and 0.75322) and any break above will target 0.7880/0.7938.

Overall trend bearish invalidation only above  0.7938  

On the downside minor support is around 0.7750 and break below will drag the pair further down till 0.7730/0.7695.

Indicator (1 hour)

Woodies CCI (14) - Buy

CCI (50) - Buy

Ichimoku-Buy

It is good to buy at dips around 0.7750 for the targets of 0.7835/0.7880 with stop around 0.7695.