AUD/USD Trims Losses and Rises Above 0.7350
AUD/USD
bounced off lows amid a weaker US dollar in the market. The pair
climbed above 0.7350 and reached 0.7367, the highest level since the
Asian session.
Earlier the aussie dropped across the board after the release of the
Australian inflation expectations report that came in at 3.2% below the
3.6% expected. AUD/USD bottomed at 0.7312 and then moved sideways, with
resistance at 0.7345/50.
Recently it broke above 0.7350 and also rose back above the 20-hour
moving average, gaining bullish momentum. It now appears to be moving
toward the 0.7375 area, where it started the day.
Greenback turned lower across the board after initial jobless claims data, that reached the highest level in 15 months.
AUD/USD levels to watch
To the upside, resistance levels might be located at 0.7380 (daily
high), 0.7400 (May 11 high) and 0.7445 (May 4 low). On the opposite
direction, support could be seen at 0.7345 (20-hour moving average),
0.7310 (daily low) and 0.7298 (May 10 low).
