AUD/USD analysis: bullish momentum to resume on a break of 0.8000
AUD/USD Current price: 0.7955
- AUD/USD bulls still seeking for a test of 0.8140.
- Australian macroeconomic calendar to heat up on Thursday with employment data.
The AUD/USD pair lost a couple of pips this Tuesday, ending the US session little changed daily basis and with no relevant level being challenged all through the day, contained at the upper half of Monday's range. Australia offered its December new motor vehicle sales, which came in better-than-expected jumping 4.5% after a modest 0.1% in November, adding to speculation of continued economic progress in the country. Soft US macroeconomic readings helped the pair recover after it fell to 0.7936, with the bullish bias intact as the pair keeps holding well above the 61.8% retracement of the September/December decline at 0.7890. The Australian macroeconomic calendar has little to offer until early Thursday, when the country will release its December employment figures. In the 4 hours chart, a bullish 20 SMA extended its advance below the current level and above the mentioned Fibonacci resistance, while technical indicators hold directionless near overbought readings. The pair has room to extend its advance on a break above 0.8000 a major psychological burden that once cleared, will probably result in a stronger advance.
Support levels: 0.7920 0.7890 0.7850
Resistance levels: 0.8000 0.8040 0.8075
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.
