AUD/USD keeps lows near 0.7450, ignores upbeat China CPI
|The AUD/USD pair is seen meandering near session lows, paying little attention to the better-than expected Chinese CPI report.
AUD/USD hovers around 10-DMA at 0.7452
Currently, the AUD/USD pair trades -0.12% lower at 0.7453, clinging to strong support found at 0.7448 levels. The Aussie stalled its overnight recovery at 5-DMA, and from there retraced slightly amid a broadly stronger greenback.
Meanwhile, the AUD bulls appear to ignore an upbeat China’s CPI report, as a firmer US dollar and tumbling gold prices continue to undermine the major. China's Consumer Price Index (MoM) (Nov) came at 0.1% vs 0.1% exp and -0.1% last, while on annualized basis, the reading stood at 2.3% vs 2.2% exp and 1.1% last.
Markets now look forward to the US consumer sentiment data due later in the NA session for fresh impetus on the USD moves, while next FOMC Meeting holds the key for next direction in the AUD/USD pair.
The pair finds the immediate resistance at 0.7505 (Nov 17 high) above which gains could be extended to the next hurdle located 0.7575 (Nov 16 high) and 0.7600 (zero figure). On the flip side, the immediate support located 0.7400 (round number). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7385 (key support) and below that at 0.7366 (Dec 1 low).
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