AUD/USD – Aussie Dollar Approaching Crucial Resistance

Key Highlights

  • The Aussie dollar recently crawled above the 0.7500 resistance area against the US dollar.
  • The AUD/USD pair also managed to clear a minor bearish trend line formed on the 4-hour chart.
  • Today, the Australian House Price Index released by the Australian Bureau of Statistics posted a rise of 2% in Q2 2016.
  • The minutes of the Reserve Bank of Australia meetings were also released, which impacted the Aussie dollar.

AUD/USD Technical Analysis

The Aussie dollar after trading as low as 0.7442 against the US dollar started a recovery phase. The AUD/USD pair during the recovery managed to break a couple of important resistances to signal further upsides.

AUD/USD H4 Chart

During the recent upside move, the AUD/USD pair broke a bearish trend line on the 4-hour chart to encourage buying. However, the pair seems to be struggling near a major resistance area formed with the 100 simple moving average and the 50% Fib retracement level of the last drop from the 0.7732 high to 0.7442 low.

If the pair continues to fail to trade higher, there is a chance of a downside move in the near term.

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