AUD/USD Wobbles Near 0.7700

AUD/USD Wobbles Near 0.7700

25 April 2016, 12:13
Roberto Jacobs

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).


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