FXOpen
The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Wednesday, decreasing the price of AUDUSD to less than 0.7925 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing upside move.
AUD/USD Technical Analysis
As of this writing, the pair is being traded around 0.7902. A support can be noted around 0.7470, an immediate horizontal support ahead of 0.7400, the psychological number and then 0.7389, another trendline support as demonstrated in the given below chart.
On the upside, a hurdle can be noted near 0.7935, an immediate horizontal resistance level ahead of 0.8000, the psychological level and then 0.8049, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 0.7389 support area is intact.
US Housing Price Index
The US Federal Housing Finance Agency (FHFA) house-price index rose 0.4% in May on a seasonally-adjusted basis following a revised 0.6% gain for April to give a 6.9% annual increase. The monthly increase was slightly below consensus expectations of 0.5%. The Middle Atlantic and Mountain regions recorded monthly declines with the strongest growth recorded in West South Central at 1.0%. The overall May gain was the slowest for four months. On an annual basis, all nine divisions recorded an increase in prices with the annual increase ranging from 4.0% in the Middle Atlantic to 8.7% in the Pacific.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.
* FXOpen International, Innovative Broker of 2022, according to the IAFT
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Latest from Forex Analysis
Latest articles
Top 5 Stocks to Watch in October: Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility
October is here, and as the markets enter a new month, we take a closer look at five stocks that could be of significant interest to investors. 1) Bank of AmericaBank of America stock has taken a dive over the
Market Analysis: The American Currency Resumes Growth
The beginning of October turned out to be favourable for continued growth in the US dollar. From the data published yesterday, it follows that in September, the US manufacturing business activity index (PMI) rose to 49.0 against the forecast
EUR/USD Analysis: The Rate Updates Its Multi-month Low
Never in its history has the euro fallen for 11 weeks in a row against the dollar, but it happened. The minimum has been set for 2023. The reason seems to be that in an environment where central banks are