AUD/USD trims losses and rises above 0.7350

AUD/USD bounced off lows amid a weaker US dollar in the market. The pair climbed above 0.7350 and reached 0.7367, the highest level since the Asian session.

Earlier the aussie dropped across the board after the release of the Australian inflation expectations report that came in at 3.2% below the 3.6% expected. AUD/USD bottomed at 0.7312 and then moved sideways, with resistance at 0.7345/50.

Recently it broke above 0.7350 and also rose back above the 20-hour moving average, gaining bullish momentum. It now appears to be moving toward the 0.7375 area, where it started the day.

Greenback turned lower across the board after initial jobless claims data, that reached the highest level in 15 months.

AUD/USD levels to watch

To the upside, resistance levels might be located at 0.7380 (daily high), 0.7400 (May 11 high) and 0.7445 (May 4 low). On the opposite direction, support could be seen at 0.7345 (20-hour moving average), 0.7310 (daily low) and 0.7298 (May 10 low).