AUD News

AUDUSD is forming a triangle pattern on 4-hour chart. Support is at 0.7491, a breakdown below this level will indicate that the downtrend from 0.7749 has resumed, then further following downward movement could bring price to 0.7400 area. Resistance is at 0.7586, a break of this level will confirm that the downtrend from 0.7749 had completed at 0.7473 already, then the following rebound could bring price to 0.7650 zone.

The manufacturing sector in Australia continued to expand in April, and at a faster pace, the latest survey from the Australian Industry Group revealed on Monday with a Performance of Manufacturing Index score of 59.2.

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AUDUSD moved above 0.7540 resistance, indicating that the downward movement from 0.7610 had completed at 0.7439 already. Further rise could be expected in a couple of days and next target would be at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the price action from 0.7473 would possibly be consolidation of the longer term downtrend from 0.7749 and another fall towards 0.7300 is possible after the consolidation. Only a clear break above the channel resistance could signal completion of the downtrend from 0.7749.

Australia's consumer confidence broadly unchanged during the week ended April 29, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

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The construction sector in Australia continued to expand in April, and at a faster rate, the latest survey from the Australian Industry Group revealed on Friday with a Performance of Construction Index score of 51.9.

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Retail sales in Australia were down a seasonally adjusted 0.1 percent on month in March, the Australian Bureau of Statistics said on Tuesday - coming in at A$25.630 billion.

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After consolidation, AUDUSD continues its downward movement from 0.7555 and the fall extended to as low as 0.7354. Near term resistance is now at 0.7426, as long as this level holds, the downward movement could be expected to continue, and next target would be at 0.7300 area. On the upside, a break of 0.7426 resistance will indicate that the downtrend is complete, then the pair will find resistance at the descending trend line on 4-hour chart.

The total number of home loans in Australia fell a seasonally adjusted 0.5 percent on month in March, the Australian Bureau of Statistics said on Monday - coming in at 54,468.

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The total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.3 percent on month in April, the Australian Bureau of Statistics said on Tuesday - coming in at 97,136.

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AUDUSD remains in the short term uptrend from 0.7328, the fall from 0.7445 is likely consolidation of the uptrend. Further rise to test the resistance of the descending trend line on 4-hour chart is possible. Support is now at 0.7385, only a breakdown below this level will indicate that the short term uptrend is complete, then the following bearish movement could bring price to 0.7250 area.