Key Points
- The Aussie Dollar made a nice upside move and traded above 0.8005 against the US Dollar.
- There is a key bearish trend line forming with resistance near 0.8025 on the hourly chart of AUDUSD.
- Recently in Australia, the Westpac Leading Index for August 2017 was released by the Melbourne Institute.
- The outcome was below the forecast of +0.1%, as there was a minor decline of 0.1%.
AUDUSD Technical Analysis
The Aussie Dollar after trading below the 0.7975 support against the US Dollar found support and recovered. The AUDUSD pair moved higher and was able to break the 0.8005 resistance and the 21 hourly simple moving average.
At the moment, the pair is struggling to break a key bearish trend line with resistance near 0.8025 on the hourly chart. So, it could correct a few pips towards the 38.2% Fib retracement level of the last wave from the 0.7956 low to 0.8036 high.
There is also a major bullish trend line forming with current support at 0.8005. The 50% Fib retracement level of the last wave from the 0.7956 low to 0.8036 high is also near 0.7996 and the 21 hourly simple moving average to act as a strong support.
Australia’s Westpac Leading Index
Recently in Australia, the Westpac Leading Index for August 2017 was released by the Melbourne Institute. The market was positioned for a minor increase in the index by 0.1%, similar to the last increase.
The actual result was below the forecast of +0.1%, as there was a minor decline of 0.1%. It means that the pace of economic activity relative to trend slowed in August 2017 and was below the last.
.
However, the AUDUSD pair was not impacted much and remains supported on the downside near 0.8005.
