- The Aussie Dollar traded higher during the past couple of sessions against the US Dollar, and currently trading in the bullish zone.
- There is a monster support trend line formed on the hourly chart, which may act as a buy area if the AUDUSD pair corrects lower.
- The 50 hourly simple moving average is also positioned on the downside to act as a hurdle for buyers.
- Australian Private Sector Credit released by the Reserve Bank of Australia posted an increase of 0.4% in October 2015, which was lower when compared with the forecast of 0.6%.
The AUDUSD pair spiked today to trade near the 0.7320 resistance area where sellers appeared to defend the upside. Currently, the pair is correcting lower and looks set for a test of the 50 hourly simple moving average.
Buyers may appear around the 50 MA or at a major support trend line on the hourly chart. It represents a major barrier for sellers and we may consider buying.
On the upside, a break above the recent high of 0.7326 may take the AUDUSD pair towards 0.7350.
Australian Private Sector Credit
Today, the Australian Private Sector Credit, representing the amount of money that the Australian private sector borrows was released by the Reserve Bank of Australia. The market was expecting a rise of 0.6% in October 2015, compared with the preceding month but the result was disappointing, as the increased was of 0.4%.
When we look at the year-over-year change, then the Australian Private Sector Credit came in line with the forecast and posted a rise of 6.8% in October 2015, compared with the same month a year ago.
Overall, the AUDUSD pair looks set for more gains, but a short term correction from the current levels cannot be discarded.