AUDUSD Poised for Bullish Reversal Amid Home Loans Release

FXOpen

The Australian Dollar (AUD) extended upside movement against the US Dollar (USD) on Friday, increasing the price of AUDUSD to more than 0.7100 despite the release of downbeat home loans data. The technical bias will turn bullish if we get a bullish reversal around current levels.

Technical Analysis

As of this writing, the pair is being traded around 0.7118. A hurdle may be seen near 0.7152, the intraday high of yesterday ahead of 0.7223, the horizontal resistance area and then 0.7242, the swing high of the last major upside rally as demonstrated in our daily chart.

2

On the downside, the pair is likely to find a support around 0.6983, the swing low of the bullish pin bar which was emerged yesterday ahead of 0.6908, the horizontal support area and then 0.6828, the swing low of the last major downside move.

Australia Home Loans

The total number of home loans in Australia was up a seasonally adjusted 2.6 percent on month in December, the Australian Bureau of Statistics said on Friday – coming in at 58,552. That missed forecasts for an increase of 3.0 percent following the 1.8 percent gain in November. Investment lending added 0.6 percent to A$11.638 billion after rising 0.7 percent in the previous month. The total value of home loans advanced 0.9 percent to A$21.882 billion – slowing from 2.4 percent a month earlier.

Trade Idea

Considering the overall technical and fundamental outlook, buying the pair around 0.7050 level could be a good strategy.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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

European Currencies Testing Key Levels: Contributing Factors EUR/USD Price Forms Bullish Reversal Amid Key News GBP/USD Rate Surges to Two-Month High After Inflation News Market Analysis: GBP/USD Climbs Steadily While EUR/GBP Struggles Commodity Currencies Retreat from Local Highs

Latest articles

Weekly Market Wrap With Gary Thomson: Nasdaq 100, NVIDIA, EUR/USD, Gold price
Financial Market News

Weekly Market Wrap With Gary Thomson: Nasdaq 100, NVIDIA, EUR/USD, Gold price

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Read the latest news

Analytical Tesla Stock Predictions for 2024, 2025 – 2030 and Beyond
Trader’s Tools

Analytical Tesla Stock Predictions for 2024, 2025 – 2030 and Beyond

Tesla's stock has experienced significant volatility since its IPO in 2010, driven by its significant technological advancements and status as a leading electric vehicle producer. This article explores Tesla's recent price history, analyses its outlook for 2024 and 2025, and

Commodities

Gold Price Drops Over 3.6% in 2 Days

The price of gold has fallen by more than 3.6% over 2 days, as indicated by today's XAU/USD chart. The day before yesterday, at the opening of the daily candle, the price of gold was $2421 per ounce,

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.