The AUDUSD surged more than 1 percent on Wednesday, hitting a high of 0.7808 following upbeat CPI figures.
The AUDUSD was trading below 0.7800 in the European session. The pair climbed 1 percent to 0.7789. The AUDUSD is now trading well above its long-run averages (SMA100 and SMA200) and is testing the 0.7790 resistance. The pair may come under pressure in the North American session following reports on existing home sales and US crude stockpiles. A daily close about the 0.7790 region would lead to 0.7823. On the downside, initial support is located at 0.7667.