The AUD/USD kept it's strong tone and extended gains since Monday lead by upbeat Australian CPI report 0.7% q/q and negative US consumer confidence 98.6 yesterday. As a result, the pair rallied from 0.7628 and scored a high at 0.7708, currently trading at 0.7697 intraday.
The Australian dollar strengthened on stronger data, giving signs that the Reserve Bank of Australia is not going to cut rates on their next meeting. The pair awaits tomorrow's US data and next week RBA meeting which will either strengthen the US dollar or the Aussie will stay bullish, depending on the outcome.
Trend: bullish
Key levels to watch: Daily Pp .07611
First resistance: R1 0.7722, R2 0.7759, R3 0.7796, R4 0.7834
First support: S1 0.7626, S2 0.7584, S3 .07750, S3 0.7508
Remark: The trend bullish is most likable due to absence of US economic news today. A slight bounce towards S1 also possible. Look forward for tomorrow US unemployment claims and core durable goods reports at 1:30 PM GMT which will give a better view on how the US dollar will face the pairs.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.