AUDUSD – Aussie Dollar Remains Range Bound Vs US Dollar

Key Points

  • The Aussie Dollar is trading in a range above the 0.7525 support against the US Dollar.
  • There is a solid bullish trend line with support at 0.7530 forming on the hourly chart of AUDUSD.
  • Today, the Australian Westpac Consumer Confidence for June 2017 was released by the Faculty of Economics and Commerce Melbourne Institute.
  • The outcome was below than the forecast, as there was a decline of 1.8% in the index in June 2017.

AUDUSD Technical Analysis

The Aussie Dollar is trading in a bullish zone above the 0.7525 support against the US Dollar. There is a clear range pattern formed on the hourly chart of AUDUSD with resistance on the upside at 0.7565.

On the downside, the pair is currently following a solid bullish trend line with support at 0.7530 on the hourly chart and the 21 hourly simple moving average. Below the trend line, the range support is at 0.7525.

As long as the trend line support at 0.7530 and 0.7525 level is intact, the pair is likely to gain traction and move above the 0.7565 resistance.

Australian Westpac Consumer Confidence

Recently in Australia, the Westpac Consumer Confidence for June 2017 was released by the Faculty of Economics and Commerce Melbourne Institute. The market was positioned for no major decline in the index compared with the previous decline of 1.1%.

The result was below than the forecast, as there was a decline of 1.8% in the index in June 2017. A report published by the Westpac recently stated “Annual real GDP growth eased from 2.4% to 1.7%, the slowest pace since September 2009. GDP per capita annual growth is only 0.2%, the weakest since March 2013”.

Overall, the AUDUSD pair is well supported on the downside, and may soon break 0.7560 for further gains.

Original Article