FxWirePro: AUD/USD tests 5-DMA support, sharp drop in Australian building permits dents Aussie

AUD/USD chart on Trading View used for analysis

• AUD/USD slips lower for the 2nd straight session, tests 5-DMA at 0.7230.
   
• The pair is trading 0.21% lower at the time of writing, down from session highs at 0.7253.
   
• Dismal Australian building permits data knocked-off the Aussie dollar across the board. 
   
• The Australian building approvals for December arrived at -8.4% m/m versus 1.8% expected and -9.1% last. 
   
• Technical studies for the pair suggest limited downside. The pair is hovering around -DMA support at 0.7230.
   
• Break below 5-DMA will see weakness till 20-DMA. Violation at 20-DMA could see major weakness.
   
• On the flipside, 200-DMA is major resistance, and further upside only on breakout above.

Support levels - 0.7230 (5-DMA), 0.7180 (nearly converged 20-DMA and 21-EMA), 0.7175 (55-EMA)

Resistance levels - 0.7269 (Upper BB), 0.7294 (200-DMA), 0.7440 (50% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.