FxWirePro: AUD/USD extends gains for the 3rd straight session, Aussie buoyed post upbeat CPI data

AUD/USD chart - Trading View 

AUD/USD was trading 0.22% higher on the day at 0.7513 at around 08:00 GMT.

The Australian dollar buoyed across the board post Australia's upbeat inflation data. 

Data released earlier today showed Australia Consumer Price Index (CPI) came at 0.8% in line with market expectations on a quarterly basis. 

The Reserve Bank of Australia (RBA) Trimmed Mean CPI reported at 0.7% QoQ basis, beating the market consensus of 0.5%. 

Higher than expected inflation readings raised market expectations that the RBA will raise the cash rate before 2024. 

Technical studies are bullish. Price action is above 5-DMA and momentum is bullish. Major moving averages are biased higher.

GMMA indicator shows major and minor trend are bullish. MACD and ADX support further upside. 

Major Support Levels: 

S1: 0.7485 (5-DMA)

S2: 0.7450 (38.2% Fib)

S3: 0.7406 (21-EMA) 

Major Resistance Levels: 

R1: 0.7558 (200-DMA)

R2: 0.7596 (Upper W BB)

R3: 0.76

Summary: AUD/USD trades with a bullish bias. Scope for test of 200-DMA at 0.7558.