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.

Anil Panchal FXStreet

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

1. R3 0.6937
2. R2 0.6927
3. R1 0.6914
PP 0.6904
1. S1 0.6891
2. S2 0.6881
3. S3 0.6868

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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