- Upbeat China CPI data boosts Aussie, AUD/USD breaks above 7-DMA to retake 0.76 handle.
- China PPI turned positive for the first time in 55 months, while CPI bettered estimate to print at 1.9%.
- 50-DMA at 0.7604 which is strong resistance is currently capping upside in the pair.
- AUD/USD slips below 0.76 handle, finds next immediate support by 7-DMA at 0.7575.
- Intraday bias higher, RSI points north, while Stochs are showing a rollover from oversold levels.
- Major support levels - 0.7575 (7-DMA), 0.7536 (100-DMA), 0.75 (trendline), 0.7450 (Sept 14 low)
- Major resistance levels - 0.7604 (50-DMA), 0.7628 (Oct 10 high), 0.7655 (Aug 23 high)
Recommendation: Good to go long on breakout above 0.7610, SL: 0.7575, TP: 0.7655/ 0.7695
