Today, after the continuing decline of more than four days against the US dollar, the Australian dollar has inched higher it’s own. Yet it’s the AUDUSD’s struggling phase since it consistently wanted to move the high run for more than two months but failed to succeed satisfactorily. As we talk about the growth of today, we know that the positive news of consumer confidence played a very important role. Whereas, the technical bias might remain bearish because of the higher low movement shown in the last upside move of the graph.
AUD/USD: Technical Analysis
Presently, the AUDUSD is being sold at a price of 0.6653, This has been pointed, on the upper side, that the price may be forced by the number of levels of resistance that add another hurdle in the already burdened AUDUSD journey as it may not allow it to continue its improvement. The first resistance is 0.6719, the trendline, and shortly thereafter a further resistance of 0.6747 at 23.6% Fib level, and then the highest horizontal resistance is at 0.6846.
.On the downside, AUDUSD is provided by limited levels of support. The first rapid trendline at 0.6681 is just below the price then the psychological number at 0.6600, and then the main horizontal support at 0.6597 supports this
AUD Westpac Consumer Confidence Institute
The Westpac Consumer Confidence Institute depicts the level of feeling that individuals have in economic activity reflecting assessments of their family finances by respondents over the past year and the coming year, expectations of the one-year and five-year economic conditions, and views of the present purchasing conditions for major household items, And in this month it remarkably improved from -1,8% to 2.2%, in fact, it upbeat the economist expectation which was only 1.4%.
While the AUDUSD conditions are getting pretty better but it still includes the uncertainty at this stage, as we have seen its bearish run right now, it would need a powerful support force to raise itself to the beneficial level.