AUD/USD Extends Losing Streak amid US Housing Data

FXOpen

The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Wednesday, decreasing the price of AUDUSD to less than 0.7925 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing upside move.

AUD/USD Technical Analysis

As of this writing, the pair is being traded around 0.7902.  A support can be noted around 0.7470, an immediate horizontal support ahead of 0.7400, the psychological number and then 0.7389, another trendline support as demonstrated in the given below chart.

AUD/USD Extends Losing Streak amid US Housing Data

On the upside, a hurdle can be noted near 0.7935, an immediate horizontal resistance level ahead of 0.8000, the psychological level and then 0.8049, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 0.7389 support area is intact.

US Housing Price Index

The US Federal Housing Finance Agency (FHFA) house-price index rose 0.4% in May on a seasonally-adjusted basis following a revised 0.6% gain for April to give a 6.9% annual increase. The monthly increase was slightly below consensus expectations of 0.5%. The Middle Atlantic and Mountain regions recorded monthly declines with the strongest growth recorded in West South Central at 1.0%. The overall May gain was the slowest for four months. On an annual basis, all nine divisions recorded an increase in prices with the annual increase ranging from 4.0% in the Middle Atlantic to 8.7% in the Pacific.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.

 

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

US Dollar Shows Record Weekly Gain Since Mid-January USD Strengthens Sharply after Inflation News USD/JPY: Analysts Adjust Forecasts for the Strengthening of the Yen Major Currency Pairs Consolidating after the Release of US Inflation Data GBP/USD: Bulls Show Resilience amid Inflation and GDP News

Latest articles

Trader’s Tools

What Are the Analytical Forecasts for Natural Gas Prices From 2024 to 2029?

Exploring the dynamics of the natural gas market reveals intricate patterns shaped by a range of factors. This FXOpen article delves into analytical natural gas price predictions for 2024 and the next 5 years, offering insights into potential trends and

Forex Analysis

US Dollar Shows Record Weekly Gain Since Mid-January

The US dollar strengthened on Friday ahead of a series of highly anticipated central bank meetings next week, including the US Federal Reserve. The dollar rose 1.3% for the week, its biggest gain since mid-January, after a mixed batch

Shares

Tesla Stock Hits a Low Point as Musk Sues Openai - Is This Year a Total Write-Off?

Occasionally during the course of industrial progress, there is a maverick; a voice that is known for continual disruption and maintaining a high-profile position whilst engaging in such disruption. The figure of this decade is Elon Musk, a self-starter whose

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.