Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.35% higher on the day at 0.7309 at around 08:30 GMT.
Previous Week's High/ Low: 0.7277/ 0.7129
Previous Session's High/ Low: 0.7292/ 0.7200
Fundamental Overview:
The greenback plummeted following the release of US inflation data overnight, supporting the commodity currencies.
US December Consumer Price Index was confirmed at 7% YoY, while the core reading beat expectations, up to 5.5%.
Technical Analysis:
- AUD/USD has broken above 110-EMA and daily cloud
- Momentum is bullish, RSI is above 50 and Stochs are bullish
- Volatility is rising, MACD supports upside
- GMMA indicator shows major trend is neutral, while near-term trend has turned bullish
Major Support and Resistance Levels:
Support - 0.7292 (110-EMA), Resistance - 0.7424 (200-DMA)
Summary: AUD/USD technical bias has turned bullish after break above daily cloud and 110-EMA. Next immediate bull target lies at 0.7370 ahead of 200-DMA at 0.7424.
