- Relief-rally across Asian markets underpins sentiment behind higher-yielding currencies like the Aussie.
- Series of downbeat US economic data released overnight keep the USD subdued.
- Technical indicators on weekly charts are heavily bearish, but on the daily charts we see some upside.
- Major support levels - 0.75, 0.7478 (100-DMA), 0.7450 (trendline), 0.7398 (200-DMA)
- Major resistance levels - 0.7527 (session high), 0.7563 (38.2% Fib & 10-DMA), 0.7568 (20-DMA)
- Focus on US consumer price index number and preliminary Michigan Confidence data due later in the US session.
Recommendation: Good to go long on dips around 0.75/0.7510, SL: 0.7450, TP: 0.7565/ 0.76
