AUD / USD rises above bottom, still weak at ninth session
AUD / USD rises above bottom, still weak at ninth session

Currently trading at just above the 0.7800 level, the pair traded with a negative outlook in the ninth session, and the current decline was largely due to commentary by Australian Central Bank President Phillip Lowe, who said they were ready to intervene in the FX market. Lowe also said that low wage growth is one of the key risks for the Australian economy, and the already weak Australian dollar sentiment has further damaged.

Meanwhile, rising geopolitical tensions and a new wave of global risk appetite have weighed on the high-yield / commodity-linked AUD, coupled with weak transaction sentiment around the commodity market.

However, the sell-off seems to have diminished for the time being as investors prepare for the US Consumer Price Index (CPI) data, which is expected to be released today in the anticipated North American session. The latest inflation figures could be the main driver of the Fed‘s next monetary policy move, and as such could provide directional impetus to high-yielding currencies like the AUD.
The AUD / USD pair is currently trading at 0.7862, down 0.17%.

Significant technical levels for AUD / USD
0.7830, 0.7800-0.7790 region and 0.7735-30 (50-day SMA) level support, 0.7875, 0.7900-0.7910 region and 0.7965 (horizontal level) level of resistance for the pair.

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