AUD/USD Wobbles Near 0.7700
The Aussie dollar is trading almost unchanged vs. its American peer on Monday, with AUD/USD currently in a narrow range around the 0.7700 handle.
AUD/USD attention to CPI
The
Aussie dollar is coming down from last week’s cycle highs near 0.7840,
finding decent support in the 0.7690/0.7700 area for the time being.
Despite
today’s softer tone around the greenback, spot remains unable to find
further traction against the backdrop of mixed sentiment in the global
markets.
Ahead in the week, inflation figures tracked by the CPI
for the first quarter are the next relevant event in Oz, whereas New
Home Sales are due today in the US calendar.
AUD/USD levels to watch
At
the moment the pair is retreating 0.03% at 0.7708 and a breach of
0.7669 (20-day sma) would open the door to 0.7597 (23.6% Fibo of
0.6824-0.7836) and finally 0.7488 (low Apr.7). On the upside, the next
hurdle aligns at 0.7836 (2016 high Apr.21) followed by 0.7851 (monthly
high Jun.18 2015) and then 0.7940 (monthly high Mar.24).
