AUD News

AUDUSD continued its downside movement from 0.8102 and the fall extended to as low as 0.7795. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the pair is in the channel, the downside movement could be expected to continue and next target would be at the resistance-turned-support trend line on the weekly chart now at around 0.7700. Key resistance is now at 0.7860, only an upside breakout of this level could indicate that the downtrend is complete, then the following correction rebound could bring price back towards 0.7986.

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Attachment 28892

New home sales in Australia increased notably in August, data from the Housing Industry Association showed Tuesday.

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AUDUSD broke above the top trend line of the price channel on its 4-hour chart, suggesting that the downside movement from 0.8102 is complete. Further rally to test 0.7860 resistance could be expected in the coming days. A break through this level would confirm that the downtrend had competed at 0.7785 already, then the following correction rebound could bring price towards 0.7986 resistance. On the downside, as long as 0.7860 resistance holds, the bounce from 0.7785 would possibly be consolidation of the downtrend and another fall towards the resistance-turned-support trend line on the weekly chart is still possible.

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Attachment 28938

Australia had a merchandise trade surplus of A$989 million in August, the Australian Bureau of Statistics said on Thursday.

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AUDUSD stays below a bearish trend line on the 4-hour chart and remains in the downtrend from 0.8102. As long as the price is below the trend line, the bounce from 0.7732 could be treated as consolidation of the downtrend. Further decline could be expected after the consolidation and next target would be at the resistance-turned-support trend line on the weekly chart now at 0.7700. On the upside, a clear break above the trend line could bring price back to test 0.7875 resistance, only break above this level could indicate that the downtrend had completed at 0.7732 already, then the following correction rebound could take price towards 0.7986 resistance.

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The total number of new motor vehicle sales in Australia was down a seasonally adjusted 0.5 percent on month in September, the Australian Bureau of Statistics said on Tuesday - standing at 98,882.

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The Australian economy showed a slight rebound in September, the latest survey from Westpac Bank revealed on Wednesday.

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AUDUSD rebounded from 0.7818 after touching the rising trend line on its 4-hour chart, suggesting that the pair remains in the uptrend from 0.7732. Further rise to test 0.7897 resistance could be expected, a breakout of this level could signal resumption of the uptrend, then next target would be at 0.7986. Key support is now at 0.7818, only break below this level could indicate that the uptrend had completed at 0.7897 already, then the following bearish movement could take price back towards the resistance-turned-support trend line on the weekly chart.

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Australia's consumer confidence rebounded during the week ended October 22, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

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Export prices in Australia were down 3.0 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Thursday.

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