AUD/USD technical analysis: 23.6% Fibo. caps upside after Aussie building permits
|- AUD/USD remains below 23.6% Fibonacci retracement on sluggish Aussie housing data.
- Mid-June low and the yearly bottom flash on bears’ watch-list.
With the June month Aussie housing data declining below forecasts, the AUD/USD pair drops to the intra-day low of 0.6896 during early Tuesday.
Australian Building Permits slip beneath -1.0% and -24.3% respective forecasts for MoM and YoY by registering -1.2% and -25.6% figures.
As a result, June 17/18 highs around 0.6885/80 remains on sellers’ radar with the June month low of 0.6831 being the next target.
However, depleting conditions of 14-day relative strength index (RSI) might disturb further declines. If not, then January bottom surrounding 0.6684 will become bears’ favorite.
Alternatively, an upside clearance of 23.6% Fibonacci retracement of April – June downpour, at 0.6920, can trigger the pair’s fresh recovery towards July 25 low near 0.6942 and then to 21-day exponential moving average (EMA) level near 0.6970.
AUD/USD daily chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.