Aussie Dollar was on the back foot against the US Dollar, as it traded below 0.8040 support area.
AUDUSD is struggling to hold an important support around 0.8000, and if it is breached more downsides are likely.
Australian New Motor Vehicle Sales released by the Australian Bureau of Statistics decreased by 1.5% in April 2015, compared to the preceding month.
AUDUSD - Technical AnalysisThe Aussie Dollar surged higher this past week against the US Dollar, and even traded above 0.8150. However, there was a strong reaction around the mentioned level, as the AUDUSD pair started to move lower. Currently, it is trading around the 0.8000 support area where buyers are fighting to protect more downsides in the near term.There are a couple of bearish trend lines formed on the hourly chart, acting as a barrier for the AUDUSD pair. Moreover, the pair is now trading below the 100 hourly simple moving average, which might encourage sellers to take prices lower. However, the 200 MA is sitting just below the 0.8000 support area to provide support to the pair.If the pair moves higher from the current levels, then we need to see how it reacts around 0.8030-40 resistance area as sellers are likely to take control in that situation.Australian New Motor Vehicle SalesEarlier today, the Australian New Motor Vehicle Sales, which measures motor vehicle sales in Australia was released by the Australian Bureau of Statistics. The market was not expecting any decline in April 2015, compared to the preceding month. However, the report stated that there was a decrease of 1.5% in sales in April 2015. Furthermore, there was a minor revision for the last reading, which was increased from 0.5% top 0.7%.In terms of the yearly change, the Australian New Motor Vehicle Sales rose by 2.8% in April 2015, compared to April 2015. The yearly change was also disappointing, as it was lower compared to the last revised reading of 4.6%.US NAHB Housing Market IndexToday, the NAHB Housing Market Index will be released by the National Association of Home Builders in the US, which represents home sales and expected home buildings in the future. The forecast is lined up for an increase from 56 to 57 in May 2015.
If the pair moves higher from the current levels, then we need to see how it reacts around 0.8030-40 resistance area as sellers are likely to take control in that situation.Australian New Motor Vehicle SalesEarlier today, the Australian New Motor Vehicle Sales, which measures motor vehicle sales in Australia was released by the Australian Bureau of Statistics. The market was not expecting any decline in April 2015, compared to the preceding month. However, the report stated that there was a decrease of 1.5% in sales in April 2015. Furthermore, there was a minor revision for the last reading, which was increased from 0.5% top 0.7%.In terms of the yearly change, the Australian New Motor Vehicle Sales rose by 2.8% in April 2015, compared to April 2015. The yearly change was also disappointing, as it was lower compared to the last revised reading of 4.6%.US NAHB Housing Market IndexToday, the NAHB Housing Market Index will be released by the National Association of Home Builders in the US, which represents home sales and expected home buildings in the future. The forecast is lined up for an increase from 56 to 57 in May 2015.
If the pair moves higher from the current levels, then we need to see how it reacts around 0.8030-40 resistance area as sellers are likely to take control in that situation.Australian New Motor Vehicle SalesEarlier today, the Australian New Motor Vehicle Sales, which measures motor vehicle sales in Australia was released by the Australian Bureau of Statistics. The market was not expecting any decline in April 2015, compared to the preceding month. However, the report stated that there was a decrease of 1.5% in sales in April 2015. Furthermore, there was a minor revision for the last reading, which was increased from 0.5% top 0.7%.In terms of the yearly change, the Australian New Motor Vehicle Sales rose by 2.8% in April 2015, compared to April 2015. The yearly change was also disappointing, as it was lower compared to the last revised reading of 4.6%.US NAHB Housing Market IndexToday, the NAHB Housing Market Index will be released by the National Association of Home Builders in the US, which represents home sales and expected home buildings in the future. The forecast is lined up for an increase from 56 to 57 in May 2015.