- RES 4 :0.7938 (Mar 24th high)
- RES 3: 0.78880
- RES 2: 0.7840 (Apr 17th 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.


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