- The Aussie dollar after a solid move towards the 0.7730 against the US Dollar found sellers and moved down.
- There was a monster bullish trend line formed on the hourly chart of the AUDUSD pair, which was broken during the recent downside move.
- Today, the Australia’s Home Loans report was released by the Australian Bureau of Statistics.
- The result was disappointing, as there was a decline of 4.2% in July 2016, compared with the forecast of -1.5%.
AUDUSD Technical Analysis
The Aussie dollar enjoyed a decent upside move this week against the US Dollar until it found sellers near the 0.7730 level. The AUDUSD pair started moving down and broke a monster bullish trend line formed on the hourly chart.
The pair also moved below the 21 hourly simple moving average, which may now act as a resistance.
So, the pair is likely to continue heading lower from the current levels or if it recovers, then sellers could take a stand near 21 SMA.
Australia’s Home Loans Report for July
Today during the Asian session, the Home Loans, which presents the number of home loans and indicates the housing market trend was released by the Australian Bureau of Statistics.
The forecast was lined up for a decline of 1.5% in July 2016. However, the outcome was on the lower side, as there was a decrease of 4.2%. The report added that the “trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.3%. Investment housing commitments rose 1.1%, while owner occupied housing commitments fell 0.1%. In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 1.8%”.
Overall, the result may impact the Aussie dollar, and there are chances of more losses in the AUDUSD pair moving ahead.