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.
