FxWirePro: AUD/USD consolidating around 0.7668, bias is bullish
The AUD/USD pair surged higher on Wednesday as the pair got a lift by higher-than-expected Aussie inflation reading that dented chances of an interest rate cut by Reserve Bank of Australia. Consumer prices rebounded by m…
The AUD/USD pair surged higher on Wednesday as the pair got a lift by higher-than-expected Aussie inflation reading that dented chances of an interest rate cut by Reserve Bank of Australia.
Consumer prices rebounded by more than forecast last quarter in Australia, while the annual pace of core inflation edged up for the first time in more than a year
The Aussie performed strongly during the Asian sessions, but retreated in the US session after the release of US economic data.
Currently the currency pair is trading around 0.7668 levels, it is set to advance further towards 0.7700 later towards 0.7730 levels in the short term.
To the upside, immediate resistance can be seen at 0.7680, a break above this level would take the pair towards next resistance level at 0.7710.
To the downside immediate support can be seen at 0.7640, a break below this level will open the door towards next level at 0.7600.
