AUD/USD analysis: still too risky to buy above 0.7700
|AUD/USD Current price: 0.7705
The AUD/USD pair continues struggling to advance beyond the 0.7700 level, overall bullish, but confined to its usual range. The pair printed 0.7709 at the beginning of the day, retreating afterwards to the 0.7670 region, but holding ground form most of the day. Australia released the wage price index for Q4 during the past Asian session, a key measure of Australian labor costs. The index rose to 0.5% in the last quarter of the year, up from previous' quarter 0.4% advance. The annualized reading came in at 1.9%, matching previous figure. There are no major news scheduled for this Thursday. The pair settled a few pips above the 0.7700 level with a modest bullish tone in the short term, given that in the 4 hours chart, technical indicators head north after bouncing from their mid-lines, whilst the price recovered from a modestly bullish 20 SMA, now a dynamic support around 0.7670. At this point, the pair needs to advance beyond 0.7731, this month high, with a broadly weaker dollar to be able to extend its gains intraday, up to 0.7815.
Support levels: 0.7670 0.7630 0.7600
Resistance levels: 0.7735 0.7770 0.7815
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