Key Points
- The Aussie Dollar made a downside move and traded below 0.8040 against the US Dollar.
- There was a break below a crucial bullish trend line with support at 0.8030 on the hourly chart of AUDUSD.
- Recently in Australia, the National Australia Bank Business Confidence for August 2017 was released.
- The outcome was below the forecast of 10, as there was a decline from the last reading of 12 to 5.
AUDUSD Technical Analysis
The Aussie Dollar climbed higher this past week and even traded close to the 0.8125 level against the US Dollar. The AUDUSD pair made a top at 0.8125 and started a downside move. It traded below the 0.8100 support and the 21 hourly simple moving average.
The pair also moved below the 50% Fib retracement level of the last wave from the 0.7940 low to 0.8125 high. During the downside move, there was a break below a crucial bullish trend line with support at 0.8030 on the hourly chart of AUDUSD.
The pair is currently attempting a close below the 61.8% Fib retracement level of the last wave from the 0.7940 low to 0.8125 high, which could ignite further losses towards 0.7980.
National Australia Bank Business Confidence
Today in in Australia, the National Australia Bank Business Confidence for August 2017 was released. The market was positioned for a decline from the last reading of 12 to 10.
The actual result was below the forecast of 10, as there was a decline from the last reading of 12 to 5. The conditions index was unchanged from the last reading of 15. The report stated that:
Business conditions continued their solid run in August, but business confidence has taken a hit – although recent volatility suggests we should exercise caution when interpreting the result.
Overall, the AUDUSD pair might continue to decline and remains sell on rallies near 0.8030-0.8040.
