Key Points
- The Aussie dollar moved higher recently against the US Dollar and settled above 0.7650.
- The AUDUSD pair has formed an ascending channel on the hourly chart with support near 0.7650 and 0.7600.
- Earlier today, the Australian New Motor Vehicle Sales figure for Jan 2017 was released by the Australian Bureau of Statistics.
- The result was above the forecast, as the New Motor Vehicle Sales increased by 0.6% in Jan 2017, more than the last +0.3%.
AUDUSD Technical Analysis
The Aussie dollar after a decline towards 0.7620 against the US Dollar found buyers, and recovered. The AUDUSD pair moved above the 0.7640-50 resistance and the 21 hourly simple moving average.
At the moment, the pair is trading in the bullish zone, and formed an ascending channel on the hourly chart with support near 0.7650 and 0.7600.
It is already above the 61.8% Fib retracement level of the last decline from the 0.7696 high to 0.7618 low. So, there is a chance of a move towards the full swing high at 0.7696.
Australian New Motor Vehicle Sales
Today in Australia, the New Motor Vehicle Sales, which measures motor vehicle sales in Australia was released for Jan 2017 by the Australian Bureau of Statistics. The market was expecting a rise of around 0.5% in Jan 2017, compared with the previous month.
The result was above the forecast, as the New Motor Vehicle Sales increased by 0.6% in Jan 2017, more than the last +0.3%. The report added that when “comparing national trend estimates for January 2017 with December 2016, sales for Sports utility and other vehicles decreased by 0.7% and 0.4% respectively. By contrast, sales for Passenger vehicles increased by 0.4%”.
Overall, the AUDUSD pair may correct towards 0.7650-40, but remains supported for further gains in the short term.
