The Australian Dollar (AUD) inched higher against the US Dollar (USD) this morning, the price went up after a major piece of an economic news release. As far the technical bias is concerned, it might remain bearish because of the lower low printed on the graph during the last downside move.
AUD/USD: Technical Analysis
At times, the AUDUSD is being exchanged for a price near 0.6831 with a few resistance levels coming ahead. The price may face resistance around 0.6876, it’s the foremost resistance level which may make it difficult for the price to pass through it. Another resistance level may hit the price near 0.6923, generally known as the Fibonacci level ahead of 0.7082, the high of July 19, 2019, as shown in the graph below.
Talking about the downside, the price may come across a support level around 0.6767, the confluence of a major horizontal support level and a trend line support ahead of 0.6745, the trend line support and then 0.6670, the low of October 02, 2019, as shown in the graph above. All of these levels might act as strong support helping the price to sustain above the said levels.
AUD Gross Domestic Product
The Gross Domestic Product rose from 1.4% to 1.7 % from the fundamental point of view and also fulfills the economist expectation of 1.7%. It is published by the Australian Statistics Bureau, a calculation of the total value of all Australia-produced goods and services as a specific measure of economic activity and health. A rising trend impacts AUD positively, and vice versa.
Trading AUDUSD around current levels can be risky since the technical bias seems to remain bearish.