FxWirePro: AUD/USD consolidating around 0.7438, bias is bullish
The AUD/USD pair held ground on Tuesday as dollar was hurt by weaker than expected U.S. housing data and concerns after political turmoil once more hit Washington. The weak housing data came after a New York state manufa…
The AUD/USD pair held ground on Tuesday as dollar was hurt by weaker than expected U.S. housing data and concerns after political turmoil once more hit Washington.
The weak housing data came after a New York state manufacturing survey on Monday turned negative for the first time since October, and after weaker-than-expected U.S. consumer inflation data for April on Friday.
The Aussie dipped during the Asian and European sessions but performed strongly in the US session after the release US housing data.
Currently, the currency pair is trading around 0.7428 levels, it is set to advance further towards 0.7450 later towards 0.7480 levels in the short term.
To the upside, the strong resistance can be seen at 0.7438, a break above this level would take the pair towards next resistance level at 0.7495.
To the downside immediate support can be seen at 0.7388, a break below this level will open the door towards next level at 0.7339.
