• Upbeat CPI data pushed AUD/USD to a session high of 0.7566, the pair has since erased gains to slip back to 0.7520 levels.
   
• Australia inflation figures for Q2 show a brighter picture. RBA trimmed mean figure bettered estimates by printing at 0.5% q/q and 1.7% y/y. The headline q/q CPI bettered estimates as well, while y/y CPI missed estimate by a slight margin.
   
• The pair is struggling to close above 21-DMA but finds strong trendline support at 0.7454 levels.
   
• Momentum studies on daily charts are neutral, pair is hovering around 100-DMA currently at 0.7486.
   
• Major supports - 0.7454 (trendline) 0.7442 (July 22 low), 0.7407 (50-DMA).
   
• Major resistance - 0.7519 (21-DMA), 0.7540 (July 26 high), 0.7535 (Session high).
   
• Break below 0.7454 will see downside upto 0.7410 (50% Fib), while a close above 21-DMA could see upside upto 0.76 levels.