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AUD/USD consolidates below 0.8800

FXStreet (Córdoba) - AUD/USD has entered a consolidation phase Wednesday, unable to break free from its recent range, with inflation data from both Australia and US offering only short-lived propulsion.

AUD/USD bottomed out at 0.8742 during the Asian session as the immediate knee-jerk reaction to in line with expectations Australian CPI. However, the Aussie quickly recovered from lows, but the upside was capped by the 0.8800 area, confining the pair to a slim range. At time of writing, AUD/USD is trading at 0.8780, virtually unchanged on the day.

AUD/USD technical levels

In terms of technical levels, AUD/USD could find immediate supports at 0.8742 (intraday low), 0.8700 (psychological level) and 0.8685 (Oct 16 low). On the other hand, resistances are seen at 0.8800/02 (psychological level/intraday high), 0.8832 (Oct 20 high), 0.8860 (Oct 15 high) and 0.8898/0.8900 (Oct 9 high/psychological level).

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