FxWirePro: AUD/USD off the 9-month highs of 0.7709, sees strong support at 0.7625
AUD/USD rallied to a high of 0.7709, beating the (18th March high) of 0.7680. Data released earlier today showed Australian private sector credit for February +0.6% m/m vs +0.5%expected. We also had the Australian HIA Ne…
AUD/USD rallied to a high of 0.7709, beating the (18th March high) of 0.7680.
Data released earlier today showed Australian private sector credit for February +0.6% m/m vs +0.5%expected.
We also had the Australian HIA New Home Sales for February at -5.3% vs prior +3.1%.
Aussie showed little reaction to the HIA and also private credit data. Thinner month end, quarter end trading seen.
Downside sees strong support at 0.7625, breaks below could see test of 0.76 levels.
On the flipside resistance are located at 0.7680 (Mar 18 highs) and then at 0.7709 (Mar 30th highs).
Technicals on the weekly charts support further upside, gains till 0.7740 likely. We would recommend using dips for going long. Weakness only below 0.7570.
