FxWirePro: AUD/USD edges higher, Aussie buoyed by upbeat Capex plans
Australia retail sales and Capex data missed expectatios. Retail Sales s.a. m/m registered at 0%, while capital expenditure for Q2 came in at -5.4%, below expectations for -4.2%. However, the forward looking capex estima…
Australia retail sales and Capex data missed expectatios. Retail Sales s.a. m/m registered at 0%, while capital expenditure for Q2 came in at -5.4%, below expectations for -4.2%.
However, the forward looking capex estimate number showed the Australian firms plan to spend A$105.2b in 2016-17, well above the estimate of A$97b.
Aussies shrugs off poor retail sales and Capex numbers, bid tone around AUD gathered pace, pushing AUD/USD higher.
The pair failed to break below 110-EMA support on Wednesday's trade. Intraday bias higher.
Major support levels - 0.7519 (cloud top), 0.7494 (110-EMA), 0.7420 (double bottom July 27 and June 9), 0.74, 0.7382 (200-DMA).
Major resistance levels - 0.7560 (50-DMA & major trendline), 0.76, 0.7623 (20-DMA).
Upside can be confirmed only on break above 50-DMA at 0.7560, on the flipside a break below 110-EMA at 0.7495 could see downside upto 0.74 levels.
