Key Points
- The Aussie Dollar after trading as high as 1.0879 against the New Zealand Dollar corrected lower.
- There is a major bullish trend line with support at 1.0815 forming on the hourly chart of AUDNZD.
- Recently in China, the hosing price index for July 2017 was released by the National Bureau of Statistics.
- The outcome was below the forecast, as there was a rise of 9.7%, less than the last 10.2%.
AUDNZD Technical Analysis
The Aussie Dollar made a good ground this week and traded above the 1.0850 level against the New Zealand Dollar. The AUDNZD pair traded as high as 1.0879 where it faced sellers and started correcting lower.
The pair moved down and traded below the 1.0840 level and the 21 hourly simple moving average. The pair traded close to the 50% Fib retracement level of the last wave from the 1.0748 low to 1.0879 high.
The downside move was protected by a major bullish trend line with support at 1.0815 forming on the hourly chart of AUDNZD. The pair might attempt a recovery, but likely to face a tough challenge near the 1.0840 level and the 21 hourly simple moving average.
China’s Housing Price Index
Today in in China, the hosing price index for July 2017 was released by the National Bureau of Statistics. The market was positioned for an increase of more than 10% in the index.
The actual result was below the forecast, as there was a rise of 9.7%, less than the last 10.2%. A report recently about the Chinese retail sales stated:
In July 2017, the total retail sales of consumer goods reached 2,961.0 billion yuan, up by 10.4 percent year-on-year (nominal growth rate. The real growth rate was 9.6 percent.
It seems like the AUDNZD pair may struggle in the near term, but most likely to hold the 1.0800 support area.
