AUD / USD Current Price: 0.6236
- Australian housing data arrived worse than expected, the Aussie still rallied.
- AUD / USD bullish neutral, immediate dynamic resistance at 0.6260.
The Australian dollar was among the best performers against the greenback, reaching 0.6244, its highest level in almost a month. The Aussie was under selling pressure at the start of the day amid news that S&P had downgraded the country’s AAA credit rating outlook from stable to negative. In addition, data from Australia weighed on the local currency, as home loans fell 1.7% in February, while investment loans for houses fell 1.9% in the past year. same month. Nevertheless, the pair quickly recovered, hitting higher highs on the back of a weaker greenback and performing better on Wall Street. During the next Asian session, the RBA will publish the Financial Stability Review.
AUD / USD short term technical outlook
AUD / USD is trading near the highest mentioned before the Asian opening, with a neutral to bullish technical position in the short term. The 4 hour chart shows that it has advanced above a bullish 20 SMA, while it is also developing above the 100 SMA. The 200 SMA is a few pips above the current level, offering dynamic resistance at around 0.6260. Meanwhile, technical indicators remain at positive levels, although they have lost their bullish strength.
Support levels: 0.6200 0.6165 0.6120
Resistance levels: 0.6260 0.6295 0.6330