- Aussie Dollar enjoyed a decent run against the US Dollar this week and traded higher.
- There is a bullish trend line formed on the hourly chart of the AUDUSD pair, which is acting as a catalyst for an upside move.
- The AUDUSD pair is attempting to close above a major resistance area of 0.7250, which holds the key moving ahead.
- Australian Conference Board Australia leading Index was published today by the Conference Board, which registered a decline of 0.1% in October 2015.
The AUDUSD surged higher this week and gained buyers. There is a bullish trend line formed on the hourly chart, which is acting as a support area and pushing the pair every time it trades or correct lower.
However, the AUDUSD pair is currently testing an important resistance area at 0.7250-60as can be seen in chart. The stated level holds a lot of importance, and only a break above it could take the pair further higher. The next stop in the upside could be around the 0.7300 area.
On the downside, the trend line support area along with the 50 MA is a support area.
Australian CB Leading Index
Earlier during the Asian session, the Australian CB leading Index was released measuring future trends of the overall economic activity including employment. It was reported by the Conference Board. The outcome was improved compared with the preceding one in which there was a decline of 0.3% (revised). In October 2015, there was a decline of 0.1%.
The report was not that bad, and to some extent helped the AUDUSD pair to gain bids.
A successful close above the 0.7250 resistance area may ignite a move towards the 0.7300 handle where sellers might take a stand.