AUD/USD is currently in a non-volatile bullish trend as AUD is quite stronger than USD in both fundamental and technical perspective. Yesterday AUD cash rate was unchanged at 1.50% and Inflation expectation has increased from 1.7% to 1.9%. Until Friday AUD is expected to be bullish until the RBA Monetary Policy Statement which might increase the volatility in this pair. Currently in Fundamental and Technical perspective AUD is expected to dominate USD in the recent market scenario.
Now let us look at the technical point of view, the price is currently above 0.76 level which signifies the presence of the bulls in the market. After the initial break above 0.76 the price has retraced this week towards 0.76 level and currently is testing it as support. If the daily candle today closes with a bullish body it is expected that the price will climb towards 0.7730-50 soon. On the other hand, if the daily candle closes below 0.76 level a downfall towards next support 0.7510 is expected.
