Key Points
- The Aussie Dollar made a downside move recently and traded below 0.7380 against the US Dollar.
- There is a crucial bearish trend line with resistance at 0.7415 forming on the hourly chart of AUDUSD.
- Today in Australia, HIA New Home Sales for March 2017 was released by the Housing Industry Association.
- The outcome was above the forecast, as the HIA New Home Sales increased by 0.8% in March 2017.
AUDUSD Technical Analysis
The Aussie Dollar dived recently from the 0.7480 swing high against the US Dollar, and broke the 0.7400 and 0.7380 support levels. Later, the AUDUSD pair found support at 0.7370 and started correcting a few pips higher.
An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the 0.7476 high to 0.7370 low.
Above 0.7395, the 21 hourly simple moving average is positioned at the 38.2% Fib retracement level of the last decline from the 0.7476 high to 0.7370 low at 0.7410. Moreover, there is a crucial bearish trend line with resistance at 0.7415 forming on the hourly chart. So, there are many resistances like 0.7410, 0.7415 and 0.7420 on the way up.
Australia’s HIA New Home Sales
Recently in Australia, HIA New Home Sales for March 2017 was released by the Housing Industry Association. The market was positioned for a minor increase of 0.2% in sales in March 2017, compared with the previous month.
The result above the forecast, as the HIA New Home Sales increased by 0.8% in March 2017. It was even a lot better when compared it to the last decline of 1.1%.
Overall, the AUDUSD pair may correct a few high in the near term, but could face sellers near 0.7410 and 0.7415.
