FxWirePro:AUD/USD rises above 0.7800 levels, outlook remains bullish
The AUD/USD pair inched higher to scale 10-month high peak on Tuesday after sudden reversal in oil prices boosted Aussie bulls further higher. RBA cautioned that a rising Aussie could tilt the economy balance in its late…
The AUD/USD pair inched higher to scale 10-month high peak on Tuesday after sudden reversal in oil prices boosted Aussie bulls further higher.
RBA cautioned that a rising Aussie could tilt the economy balance in its latest policy meeting minutes.it also reiterated that low inflation would provide opportunity for further easing if necessary.
Currently the currency pair is trading around 0.7795 levels, it is set to advance further towards 0.7850 later towards 0.7880 levels in the short term.
Short pullback around 0.7730 should be taken as buying opportunities, as Australian dollar is stronger across the board against the US dollar in intraday trading.
Strong support can be seen at 0.7761, a break below this level will expose the pair towards next support level located at 0.7724.
Major resistance can be seen at 0.7847, a break above this level will open the gates towards 0.7900 levels.
