Key Points
- The Aussie dollar managed to climb higher above 0.7700 against the US Dollar, and trading positively.
- There is a bullish trend line formed on the hourly chart of AUDUSD, which may act as a support near 0.7680.
- Today in Australia, the Home Loans report was released by the Australian Bureau of Statistics.
- The result was better, as there was a rise of 1.6% in Sep 2016, compared with the forecast of -2%.
AUDUSD Technical Analysis
The Aussie dollar managed to gain strength recently and moved above the 0.7700 handle against the US Dollar. It also closed above the 21 hourly simple moving average, which is a positive sign and may take the AUDUSD pair towards 0.7750.
The pair is currently surging higher, and broke the 61.8% Fib retracement level of the last decline from the 0.7778 high to 0.7579 low. So, there is a chance of further gains may towards the swing high of 0.7778.
If the pair corrects lower, then the 21 hourly simple moving average may act as a support along with a bullish trend line formed on the hourly chart.
Australian Home Loans
Today in Australia, the Home Loans, which presents the number of home loans was released by the Australian Bureau of Statistics. The market was expecting a decline of 2% in Sep 2016.
However, the result was better, as there was a rise of 1.6%. The report added that the “trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.2%. Investment housing commitments rose 1.3%, while owner occupied housing commitments fell 0.5%. In seasonally adjusted terms, the total value of dwelling finance commitments, excluding alterations and additions rose 2.3%.”
Overall, there are many positives for the Aussie dollar, which may push it higher towards 0.7750 against the US Dollar.
