AUD/USD analysis: Australian data can push the pair up to 0.8065

Valeria Bednarik FXStreet

AUD/USD Current price: 0.8000

It was a roller coaster for the Aussie this Wednesday, as after topping at 0.8028 it fell back to 0.7963 as Australian GDP figures failed to impress, while falling equities dragged the pair lower. Australia’s economy grew at a rate of 0.8% in the second quarter, matching market's expectations, with the annual rate also in line with market's forecast, at 1.8%. The pair resurged in the US afternoon to settle around the key 0.00 threshold, on positive political news coming from the US, as US President Trump agreed to a short-term debt ceiling increase and government founding, spooking, at least temporarily, the ghost of default. The story repeats year after year, but so long, politicians have come to the rescue at the last minutes, so at the end, the headline is far less impressive that what market's reaction suggests. Australia will release its Trade balance and retail sales figures for July during the next Asian session, expected little changed from previous readings but generally positive, which means that better-than-expected figures may see the pair extending its latest gains past the mentioned high. According to the 4 hours chart, the pair has room to extend its advance, given that the intraday decline met buying interest around a bullish 20 SMA, and also the 61.8% retracement of its latest daily decline, at 0.7965, while in the same chart, technical indicators are slowly aiming to regain the upside after a period of consolidation within positive territory. Beyond the mentioned daily high, the pair has scope to extend its gains up to 0.8065, the yearly high set last July.

Support levels: 0.7965 0.7935 0.7900

Resistance levels: 0.8000 0.8030 0.8065

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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