AUD/USD supported around 0.9350

FXStreet (Edinburgh) - The Aussie dollar is trading in a softer tone on Thursday despite the prevailing risk appetite, with the AUD/USD around 0.9360, coming down from peaks near 0.9390 overnight.

AUD/USD consolidating gains above 0.9300

The pair is now decanting around the 0.9360 area after hitting multi-month peaks near 0.9470 last week, looking to consolidate the recent advance beyond 0.9300 the figure. Data-wise in the upcoming week, the only events of note are the inflation figures (2.7% YoY exp.) and the advance Chinese manufacturing PMI gauged by HSBS, all due on Wednesday. According to Quek SerLeang, Strategist at UOB Group, “The strong rebound ahead of our key support at 0.9310 means the outlook for AUD is still bullish. However, upward momentum is not strong and only a break above 0.9425 would suggest further AUD strength towards the recent high at 0.9461 and beyond. In the meanwhile, the key support is still at 0.9310”.

AUD/USD key levels

The pair is now losing 0.15% at 0.9354 with the immediate support at 0.9333 (low Apr.16) followed by 0.9300 (psychological level) and then 0.9263 (low Apr.8). On the flip side, a breakout of 0.9425 (high Apr.15) would aim for 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10).