Key Points
- The Aussie Dollar is trading higher at the moment against the US Dollar, and may test 0.7560.
- There was a bearish trend line on the hourly chart of AUDUSD, which was broken at 0.7485 recently for a move higher.
- Today in Australia, the New Motor Vehicle Sales report was released by the Australian Bureau of Statistics.
- The result was better, as there was an increase of 0.3% in Dec 2016, compared with Nov 2016.
AUDUSD Technical Analysis
The Aussie Dollar made a nice upside move recently and settled above 0.7500 against the US Dollar. During the upside move the AUDUSD pair broke a bearish trend line on the hourly chart at 0.7485, and also closed above the 21 hourly simple moving average.
The pair is currently moving higher, and already broke the 1.236 extension of the last wave from the 0.7518 high to 0.7449 low. So, there are chances of it testing the 1.618 extension of the same wave at 0.7560.
So, as long as the pair is above the 0.7500 support and the 21 hourly SMA, it may continue to rise in the near term.
Australian New Motor Vehicle Sales
Today during the Asian session, the Australian New Motor Vehicle Sales, which measures motor vehicle sales in Australia was released by the Australian Bureau of Statistics.
The result was better, as there was an increase of 0.3% in Dec 2016, compared with Nov 2016. When we have a look at the yearly change, there was an increase of 0.2% in Dec 2016, compared with the same month a year ago. The report added that “When comparing national trend estimates for December 2016 with November 2016, sales for Passenger and Sports utility vehicles decreased by 0.2% and 1.0% respectively. By contrast, sales for other vehicles increased by 0.3%”.
Overall, it looks like the Aussie dollar may continue to move higher versus the USD, and could even test the 0.7580 level.
