AUD/USD: take a trip to the 0.78 handle but looks heavy post Home Loans well below prior

Ross J Burland FXStreet

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.

FOMC minutes: a more robust discussion on inflation - Nomura

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.

USD/CNY fix projection: 6.5843 - Nomura

AUD/USD levels

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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