After the very terrible fall on February 07, 2020, the last trading day of the previous week, this week the AUDUSD continues inched higher itself repeatedly on the first two days of the week with the tag of the bullish candle. Even though this success can not offset that day’s loss, it is, however, a good initiative towards progress growth. In addition to all other factors, positive news from Australia has played a part in this success. Nevertheless, the technical bias may remain bearish in the meantime, because the last upside movement showed a higher low wave on the graph.
AUD/USD: Technical Analysis
Today, at the price of 0.6706, the AUDUSD is being offered, it has been noted that the price on the upper side may be influenced by the number of levels of resistance that may not allow it to continue its forward momentum. The first resistance stands at 0.6748, the 23.6 percent Fib point, ahead of 0.6775, the trendline resistance, and then the strongest horizontal resistance is at 0.6847.
It is not ideal for AUDUSD, as it is backed by minimal support levels. At 0.6677, the first immediate trendline is just below the price then the psychological number of 0.6600, and then the main horizontal support helped it at 0.6597.
AUD HIA / AiG Quality of Construction Index
The HIA / AiG Quality of Construction Index, released by the Australian Industry Group and the Housing Industry Association, is regarded, based on 120 interviews with businesses, as an indicator that measures the conditions in the construction industry for the short and medium-term, Surprisingly it jumped from 38.9 to 41.3.
Companies answer questions related to production, salaries, supplier price deliveries, inventories, and new orders. For the AUD, a high reading is seen as positive, or bullish, while a low reading is seen as negative, or bearish.
Investing in AUDUSD involves risk, so it would be wise to try to prevent trading at this level, since the above graph shows a negative perception of AUDUSD with limited support levels.