• The Australian dollar advances some 1.11% as the Wall Street end approaches.
• The AUD/USD rallied 80-pips after the release of the US CPI.
• AUD/USD Technical Outlook: A daily close above the 100-DMA would open the door for a challenge at 0.7300.

After the reléase of important US macroeconomic data, the Australian dollar rallies 1.11%. At the time of writing, the AUD/USD exchanges hands at 0.7286 during the New York session.

AUD/USD Price Forecast: Technical outlook

On Wednesday, the AUD/USD remained subdued in the Asian/European session, as investors awaited the release of the US inflation report. When the headline crossed the wires, the AUD/USD rally started.

The AUD/USD rallied almost 80-pips, from 0.7209 up to 0.7281, three hours following the release of the US CPI. The rally stalled around the 100-day moving average (DMA), which lies at 0.7286, short of the 0.7300 figure.

A daily close above December’s 31 daily high at 0.7277 could spur an upward move towards November’s 15, 2021, daily high at 0.7371, but it would find some hurdles on the way north. The first resistance would be 0.7300. A breach of the latter would expose 0.7350, mid-point between the 0.7300-0.7400 range, followed by the previous-mentioned 0.7371.

Contrarily, the AUD/USD first support would be the 100-DMA at 0.7286. A decisive break of it would expose the 50-DMA at 0.7212, immediately followed by the psychological 0.7200.