AUD/USD consolidates near range lows

AUD/USD continues to consolidate near today’s lows, after falling over 100 pips from post Australian CPI highs.

AUD/USD peaked at 0.7565 after data showed Aussie CPI rose as expected, by 0.4% in the second quarter and up 1.0% from a year earlier. Core inflation rose slightly above expectations by 0.5% in the quarter.

However, the Australian dollar failed to sustain gains and fell all the way back to 0.7457 and it has continued to trade nearby over the last hours. At time of writing, AUD/USD was at 0.7470, down 0.55% on the day.

AUD/USD levels to watch

In terms of technical levels, next supports are seen at  0.7442 (Jul 22 low), 0.7416 (50-day SMA) and 0.7320 (200-day SMA).  On the other hand, resistances line up at 0.7565 (Jul 27 high), 0.7591 (Jul 19 high) and 0.7606 (Jul 18 high).