AUD/USD continues its upsurge in the European morning, following a downbeat Chinese inflation report which spurred expectations of further easing by the PBOC.
Supported above 0.7800
Currently, the AUD/USD trades higher by 0.26% at 0.7722 levels, retracing from previously recorded day’s high at 0.7842 levels. The Aussie extended gains after weaker Chinese CPI data took markets one step closer to further monetary easing from the country's central bank - the Peoples Bank of China (PBOC). Moreover, encouraging Australian housing market data and business confidence survey also added to the firmness in the Aussie.
Aussie extended overnight gains as rising oil prices coupled with higher precious metal prices boosted the resource-dependent Australian dollar against the greenback.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7850 levels, above which gains could be extended to 0.7880 levels. On the flip side, support is seen at 0.7793 from here it to 0.7745 levels.
Supported above 0.7800
Currently, the AUD/USD trades higher by 0.26% at 0.7722 levels, retracing from previously recorded day’s high at 0.7842 levels. The Aussie extended gains after weaker Chinese CPI data took markets one step closer to further monetary easing from the country's central bank - the Peoples Bank of China (PBOC). Moreover, encouraging Australian housing market data and business confidence survey also added to the firmness in the Aussie.
Aussie extended overnight gains as rising oil prices coupled with higher precious metal prices boosted the resource-dependent Australian dollar against the greenback.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7850 levels, above which gains could be extended to 0.7880 levels. On the flip side, support is seen at 0.7793 from here it to 0.7745 levels.
