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AUDNZD – Can Aussie Dollar Retain Bullish Bias?

Key Points

  • The Aussie dollar climbed recently above the 1.0650 level against the Kiwi Dollar.
  • There is contracting triangle pattern formed on the hourly chart of the AUDNZD pair, which may provide us the next move.
  • Today, the Australian Home Loans report was released by the Australian Bureau of Statistics.
  • The outcome was not as the market expected, as there was a decline of 3% in August 2016.

AUDNZD Technical Analysis

The Aussie dollar enjoyed a decent upside move, as it climbed above the 1.0650 level against the Kiwi Dollar. There is a bullish trend line formed on the hourly chart of the AUDNZD pair, which provided support in the short term.

AUDNZD Technical Analysis

Currently, there is a contracting triangle pattern formed on the same chart, which is shrinking, and may spark the next move soon in AUDNZD.

There is a chance of a downside move, which might take the price back towards the last swing low of 1.0640 where the 21 hourly simple moving average is positioned currently.

Australian Home Loans

Today in Australia, the Home Loans, which presents the number of home loans was released by the Australian Bureau of Statistics. The market was expecting a minor increase in loans in August 2016, compared with the previous month.

However, the result was disappointing, as there was a decline of 3% in the Home Loans. The report added that the “trend estimate for the total value of dwelling finance commitments excluding alterations and additions fell 0.2%. Investment housing commitments rose 1.0%, while owner occupied housing commitments fell 0.9%. In seasonally adjusted terms, the total value of dwelling finance commitments, excluding alterations and additions fell 1.0%.”

Overall, the Aussie dollar is trading with a bullish bias at the moment, but it needs more momentum for a sustained move higher.

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