AUD/USD - Is This a Major Break in Aussie To US Dollar?
The past few days were super bullish for the Aussie Dollar as it moved above 0.7750 and 0.7800 against the US Dollar. The AUD/USD pair is currently positioned well and looks set for more gains towards 0.7900.
Looking at the daily chart, an uptrend was initiated from 0.7340. The pair broke the 100 and 200 day simple moving averages at 0.7540. It followed an ascending channel pattern to trade above a crucial resistance zone of 0.7740.
A break and daily close above 0.7750 has opened the doors for more gains. The next major hurdle for buyers is near the 1.618 extension of the last decline from 0.7749 to 0.7328 at 0.8009.
On the downside, the broken resistance at 0.7740 might act as a support if there is a correction in the near term. Overall, the current trend is bullish for AUD/USD, and the recent break of 0.7740 50 is encouraging for more gains.Australia’s New Motor Vehicle Sales and RBA Meeting Minutes
Today in Australia, the New Motor Vehicle Sales for June 2017 was released by the Australian Bureau of Statistics. The market was positioned for an increase of around 2% compared with the previous month.
However, the result a bit on the lower side, as the increase was 1.2%. In terms of the yearly change, there was a rise of 3.6% in sales, less than the last +4.9%. There was no major impact on the AUD/USD pair, as the RBA meeting minutes released today were neutral to bullish for the Aussie Dollar.Economic Releases to Watch Today German ZEW Business Economic Sentiment Index July 2017 – Forecast 18, versus 18.6 previous. German current situation index July 2017 – Forecast 88, versus 88 previous. Euro Zone ZEW Economic Sentiment Index for July 2017 – Forecast 37.2, versus 37.4 previous. UK Retail Price Index June 2017 (YoY) – Forecast +3.7%, versus +3.7% previous. UK Producer Price Index June 2017 (YoY) – Forecast +3.3%, versus +3.6% previous. UK Producer Price Index June 2017 (MoM) – Forecast 0%, versus +0.1% previous. UK Consumer Price Index June 2017 (YoY) – Forecast +2.9%, versus +2.9% previous. UK Core Consumer Price Index June 2017 (YoY) – Forecast +2.6%, versus +2.6% previous. US Import Price Index June 2017 (MoM) – Forecast 0.2%, versus 0.3% previous. US Export Price Index June 2017 (MoM) – Forecast 0%, versus 0.7% previous.