Currently, AUD/USD is trading at 0.7807, up 0.23% on the day, having posted a daily high at 0.7811 and low at 0.7786.
AUD/USD took a trip uptown to the 0.78 handle ahead of the housing data which fell in at 1%, beating the 0.5% expected but still well below prior 2.8%, revised from 2.9%.
AUD/USD still remains in a limited range in Asia following a very quiet European and US sessions where the price stayed between 0.7775/95, opening NY at 0.7790 and closing around 0.7780 on the handover. There is not much out there to break the ranges until US Friday's data dump where a particular focus will stay with retails sales and CPI.
Valeria Bednarik, chief analyst at FXStreet, explained that the main resistance from the current level stands at 0.7835, the level to surpass to get a more constructive outlook.
"Technically, the pair remains neutral short term, given that in the 4 hours chart, the price is standing a few pips above a horizontal 20 SMA, whilst technical indicators lack directional strength, barely holding above their mid-lines," Valeria added.
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