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Chart - Courtesy Trading View
AUD/USD was trading 0.08% lower on the day at 0.7172 at around 04:55 GMT.
The pair has erased early losses and edged higher from session lows at 0.7160.
The Australian dollar buoyed on expectations of a hawkish stance from the RBA.
Markets have moved to price in more moves by the RBA, with the first move to 0.25% is implied by June. Further increases to 2.5% are priced in by July 2023.
Focus on the US CPI data scheduled later on Thursday for further impetus. A firmer-than-expected reading might trigger a further build-up of hawkish Fed bets.
Technical indicators are turning bullish. Oscillators are bullishly aligned. 5-DMA is on verge of bullish crossover on 20-DMA.
Price action is attempting retrace above 200-week MA. Weekly close above will fuel further upside.
Major Support Levels:
S1: 0.7145 (21-EMA)
S2: 0.7139 (5-DMA)
Major Resistance Levels:
R1: 0.7183 (55-EMA)
R2: 0.7220 (21-week EMA)
Summary: AUD/USD pivotal at 200-week MA. Decisive break above will fuel further gains.
