AUD/USD: headed to 0.8000?

• AUD/USD benefits from dollar weakness again.
• Aussie data will be key this week.

AUD/USD climbed again on the back of the dollar weakness, ending the day at the highest levels since Sep last year at 0.7970.

AUD/USD was able to climb higher despite the data from Asia that came in the form of TD Securities inflation numbers that arrived below the expectations. The Year on year data arrived at 2.3%, well below the previous 2.7% albeit still above the 2% central bank's target. 

The week ahead

For the week ahead, heads turn to Aussie jobs and other key data from the US economy: 

Key US data coming up this week? - Nomura

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that from a technical point of view,  the upside is still favored as in the 4 hours chart, the 20 SMA continues advancing below the current level, now above the 61.8% retracement of the September/December slide, as technical indicators hold flat within extreme overbought territory. "The pair has scope from here to extend its advance up to 0.8000, while steady gains above the level favor a continuation upward toward 0.8124, 2017 yearly high."