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AUD/USD chart on Trading View used for analysis
- AUD/USD has edged lower from session highs at 0.7198, intraday bias neutral.
- The pair has paused weak US dollar led gains after dismal Australia Q4 construction work done data.
- Data released earlier today showed Australia Q4 Construction work done came in at -3.1 percent, missing the forecast rise of 0.5 percent by a big margin.
- Aussie construction work done data will feed directly into the Q4 GDP, due next week. The surprise drop will act as a drag on GDP.
- Aussie likely to remain subdued, but weak USD courtesy dovish Powell's comments likely to limit downside.
- Immediate support is seen at 5-DMA, while immediate resistance lies at 110-EMA at 0.7191.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
