AUD/USD Stages Minor Recovery, Moves Back Above 0.7600
The AUD/USD pair has managed to recover during early Asian trade on broader USD weakness and has now moved back above 0.7600 mark.
On
Wednesday, the Australian Dollar witnessed a sharp fall on the back of
surprisingly weak Australian CPI number. On Thursday weak USD, primarily
led by strength in JPY on disappointment from BoJ, has been the key
trigger for the AUD/USD pair recovery.
Technical levels to watch
From
current levels move above 0.7625-30 immediate resistance seems to
trigger further recovery towards 0.7650 strong horizontal resistance.
This 0.7650 resistance are might now cap any further up-move for the
pair and only a decisive break-through this strong resistance would open
room for additional near-term recovery for the pair.
Meanwhile
on the downside, weakness back below 0.7600 mark might continue to find
support at yesterday's low level near 0.7550-40 area, which if broken
has the potential to drag the pair further lower towards testing 50-day
SMA support, currently near 0.7515-0.7500 round figure mark.