AUD/USD Price Analysis: Looks to test multi-month resistance at 0.7550

AUD/USD trades greater on Wednesday in the Asian session.
Upbeat Australian CPI figures gas the upside momentum in the pair.
Additional positive factors are probable for the pair if charge decisively recaptures 0.7550.
AUD/USD extends the preceding day’s features on Wednesday. The pair started out the sparkling buying and selling week on a greater notice after hitting a low 0.7452, a week ago. At the time of writing, AUD/USD is buying and selling at 0.7522, up 0.31% for the day.
On the each day chart, the AUD/USD pair has been going through a robust resistance barrier close to 0.7550, simply beneath the 200-day Simple Moving Average (SMA) at 0.7561. The spot has posted sturdy positive factors seeing that the commencing of the October sequence from the lows of 0.7191.

A each day shut above the multi-month excessive close to 0.7550 would gasoline any other spherical of shopping for possibilities in the pair. The first upside goal would show up at the psychological 0.7600 level.

The Moving Average Convergence Divergence (MACD) trades into the overbought zone. Any uptick in the MACD would open the gates for the 0.7650 horizontal resistance level, observed with the aid of the June,16 excessive of 0.7717.

Alternatively, if the rate reverses direction, in that case, it may want to check Tuesday’s low of 0.7483, accompanied via the 0.7450 and the 0.7400 horizontal help zones respectively.

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