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 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. Resistance Levels R1: 0.7847 (38.2 % Retracement Level) R2: 0.7900 (Psychological) R3: 0.7943 (23.6 % Retracement Level) Support Levels S1: 0.7788 (50 % Retracement Level) S2: 0.7761 (Daily lows) S3: 0.7724 (61.8 % Retracement Level)