AUD/USD analysis: bullish, 0.7700 now in play
|AUD/USD Current price: 0.7639
The AUD/USD pair surged to a fresh 3-month high of 0.7641, fueled by dollar's sell-off on hawkish European central bankers, and poor US data released on the day. US May pending home sales fell by 0.8% when compared to the previous month, while April figure was downwardly revised to -1.7% from previous -1.5%. Australia will release its HIA New Home Sales data for April during the upcoming Asian session, and the report will likely affect strongly the pair, after the RBA said in its latest statement that needs to keep an eye on the developments on the sector. A better-than-expected reading, however, could fuel the advance in the pair towards the 0.7700 region. Technically the 4 hours chart supports some further gains ahead, given that technical indicators have bounced strongly from their mid-lines, now heading north at fresh weekly highs, whilst the price bounced from a bullish 20 SMA. Below 0.7575, on the other hand, the risk turns towards the downside, but seems unlikely that the pair will fall below 0.7530.
Support levels: 0.7610 0.7575 0.7530
Resistance levels: 0.7680 0.7710 0.7740
View Live Chart for the AUD/USD
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