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FxWirePro: AUD/USD edges higher ahead of RBA decision, tough resistance at the 0.72 handle

AUD/USD edges higher after failing to break 0.7100 on the day, currently trading at 0.7140 Better than expected Chinese Manufacturing data and impressive Australian building permits lift AUD Long term momentum is bearish…

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AUD/USD edges higher after failing to break 0.7100 on the day, currently trading at 0.7140

  • Better than expected Chinese Manufacturing data and impressive Australian building permits lift AUD
  • Long term momentum is bearish, pair likely to find tough resistance on the 0.72 handle
  • RBA rate decision due at 0430 GMT, likely to  stay on hold, statement expected to be largely unchanged

Resistance Levels:

R1: 0.7177 (Session High Aug 31)
R2: 0.7206 (Daily High Aug 28)
R3: 0.7221 (10-Day MA)

Support levels:

S1: 0.7082 (Session low August 31)
S2: 0.7070 (Daily Low Aug 26)
S3: 0.7044 (Daily Low Aug 24)

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