Key Highlights

  • Aussie Dollar moved higher against the US Dollar, and traded above the 0.7220 resistance area.

  • There is a support trend line formed on the hourly chart, which might help buyers if the AUDUSD pair moves lower.

  • Australian Home Loans released by the Australian Bureau of Statistics posted a gain of 2.9% in August 2015, which was lower compared with the forecast of a 5% increase.

  • Australian investment lending for homes declined by 0.4% in August 2015.

AUDUSD Technical Analysis

The Aussie Dollar enjoyed a good run against the US dollar recently to trade above a major resistance area of 0.7220. The AUDUSD pair is following a nice bullish path for a move higher, and it looks set for more gains in the near term.

AUDUSD

There is a bullish trend line formed on the hourly chart, which might act as a support area if the pair corrects lower from the current levels. An initial support is around the 23.6% Fib retracement level of the last move from the 0.7163 low to 0.7276 high.

On the upside, the recent high of 0.7276 can act as a minor resistance. A break above it could easily push the pair higher in the short term.

Australian Home Loans

Earlier during the Asian session, the Australian Home Loans that present the number of home loans and which indicates the housing market trend in Australia was released by the Australian Bureau of Statistics. The forecast was lined up for an increase of 5% in August 2015, compared with the last reading of -0.3% (revised). However, the outcome was on the lower side, as the Home Loans increased by only 2.9%.

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