AUD/USD jumps to near 2-week tops, around mid-0.7900s

Haresh Menghani FXStreet

• Gains over 175-pips from post-US CPI swing lows.
• Renewed USD weakness supportive of the up-move.

After an initial dip to the 0.7900 handle, the AUD/USD pair caught some fresh bids and is currently placed at near two-week tops.

The pair built on overnight sharp recovery move and has now gained in excess of 175-pips from sub-0.7800 level touched in the aftermath of upbeat US consumer inflation figures.

Despite Wednesday's stronger US CPI print, which bolstered bets that the Fed might raise interest rates four times in 2018, the US Dollar resumed with its well-established downtrend and supported the pair's up-move to mid-0.7900s.

Meanwhile, a subdued action around the US Treasury bond yields and copper prices did little to influence demand for the higher-yielding/commodity-linked Australian Dollar, with the USD price dynamics acting as an exclusive driver of the pair's momentum on Thursday.

Later during the early NA session, second-tier US economic releases - PPI print, regional manufacturing indices, usual initial weekly jobless claims and industrial manufacturing data, would now be looked upon for some fresh impetus.

Technical levels to watch

A follow-through buying interest has the potential to continue lifting the pair further towards 0.7980 intermediate resistance en-route the key 0.80 psychological mark. On the flip side, weakness back below 0.7925-20 zone might continue to find support near the 0.7900 handle, below which the pair could head back towards 0.7860-55 horizontal support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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