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.