The Australian Dollar (AUD) rose moderately against the US Dollar (USD) on Friday, increasing the price of AUD/USD to more than 1.9400 following the release of Australia’s home loans report. The sentiment still remains bullish due to Higher High and Higher Low in the recent wave.
As of this writing, the pair is being traded near 0.9401. A hurdle may be noted around 0.9433, the 23.6% fib level ahead of 0.9455, the intraday high of yesterday and then 0.9504, the swing high of the last major upside rally as demonstrated in the following chart. A break and daily closing above the 0.9500 handle could spur a renewed buying interest, opening doors for the 0.9600 milestone.
On the downside, the pair is likely to find a support near 0.9361, the intraday low of yesterday ahead of 0.9328, the swing low of the recent correction wave and then 0.9300, the psychological level. The sentiment will remain bullish as far as the 0.9328 support area is intact.