Back
22 Apr 2015
AUD/USD struggles to rise above 0.78
FXStreet (Mumbai) - The AUD bulls are taking a breather, after having pushed the AUD/USD pair higher by almost 100 pips since the Asian session. The struggle is on to convincingly break above 0.78 levels.
AUD/USD: 100-pip rally on higher inflation
The AUD was bid higher after the data released earlier today showed Australian core Inflation gained 2.3 % year-on-year. The higher inflation lowers the need of the Reserve Bank of Australia (RBA) to cut rates. Consequently, the AUD/USD pair recovered from the low of 0.7704 to set a session high of 0.7805.
However, the pair is being offered around 0.78 levels, making it difficult to rise over and above the same. The matters may complicate further in case the US housing data beats expectations.
AUD/USD Technical Levels
The pair currently trades at 0.7785 with the immediate resistance seen at the daily high of 0.7805 and 0.7840 (hourly 100-DMA). On the flip side, a break below 0.7758 (5-DMA) could drive the pair lower to its 50-DMA at 0.7717.
AUD/USD: 100-pip rally on higher inflation
The AUD was bid higher after the data released earlier today showed Australian core Inflation gained 2.3 % year-on-year. The higher inflation lowers the need of the Reserve Bank of Australia (RBA) to cut rates. Consequently, the AUD/USD pair recovered from the low of 0.7704 to set a session high of 0.7805.
However, the pair is being offered around 0.78 levels, making it difficult to rise over and above the same. The matters may complicate further in case the US housing data beats expectations.
AUD/USD Technical Levels
The pair currently trades at 0.7785 with the immediate resistance seen at the daily high of 0.7805 and 0.7840 (hourly 100-DMA). On the flip side, a break below 0.7758 (5-DMA) could drive the pair lower to its 50-DMA at 0.7717.