The AUDUSD currency pair, currently trading at 0.68417, has risen to a clean 0.6850 due to a positive and optimistic market sentiment.

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• AUD/USD has climbed to a neat 0.6850 amid a cheerful market mood.

The pair currently trades last at 0.68417.

The previous day high was 0.6796 while the previous day low was 0.6682. The daily 38.2% Fib levels comes at 0.6753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6726, expected to provide support.

The AUD/USD pair has jumped to near 0.6850 in the European session. The Aussie asset has rallied as the US Dollar Index (DXY) is failing to find support after a meaningful cool down in the United States June’s inflation report.

S&P500 futures have extended gains in London, portraying an upbeat market mood. The USD Index has extended its sell-off to near 100.30 as a soft Consumer Price Index (CPI) report has drummed that the Federal Reserve (Fed) will hike interest rates only once by the year-end.

One-year forward consumer inflation expectations in the Australian region have remained well-anchored at 5.2% while investors were expecting a decline to 5.1%. This would discourage the Reserve Bank of Australia (RBA) from raising interest rates further.

AUD/USD has delivered a perpendicular rally after a breakout of the Descending Triangle chart pattern on a four-hour scale. The Aussie asset is approaching the horizontal resistance plotted from June 16 high at 0.6900.

Upward-sloping 20-period Exponential Moving Average (EMA) at 0.6738 indicates that the upside bias is extremely strong. The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, portraying strength in the upside momentum.

After a stalwart rally, a minor correction to near June 22 high at 0.6806 would attract buyers for the upside of June 20 high at 0.6854 followed by June 16 high at 0.6900.

On the flip side, a breakdown below June 27 high at 0.6720 would expose the asset to June 23 low at 0.6663 and July 10 low at 0.6624.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6844 at the time of writing. Pair opened at 0.6786 and is trading with a change of 0.85 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6718, 50 SMA 0.6681, 100 SMA @ 0.6683 and 200 SMA @ 0.6701.

The previous day high was 0.6796 while the previous day low was 0.6682. The daily 38.2% Fib levels comes at 0.6753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6726, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6713, 0.6641, 0.6599
• Pivot resistance is noted at 0.6827, 0.6869, 0.6941

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