AUD/USD conquered again the 0.7600 handle during today’s
early trading hours. The pair rallied
towards 0.7647 and it seems that this level will remain the intraday high.
Despite the positive data coming from the USA, the greenback is trading mixed
today, but definitely lower against the commodity currencies. The Asian session
boosted the mood as Chinese macro data on inflation was released and marked
quite good numbers.
From technical viewpoint the AUD/USD is moving upwards, though correction around
0.7600 level is the most likely scenario. The 20-day moving average is also
heading to the upside. RSI is showing overbought market and the stochastic is displaying
bullish momentum.
Resistance is now located at 0.7700 and support is seen at 0.7560 (61.80%
Fibonacci retracement) and 0.7615 (23.60% Fibonacci retracement).
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