FxWirePro: Aussie fails to benefit from upbeat building approvals data, AUD/USD hovers around 50-DMA at 0.7562
Tuesday, August 30, 2016 4:19 AM UTC
- According to data released earlier today, Australia's building approvals showed an 11.3 percent m/m rise, beating forecasts for a gain of 1.2 percent.
- Aussie however, failed to benefit from the upbeat data, trades largely unchanged against the greenback in the Asian session.
- Skepticism rising in the markets ahead of NFP data while the PCE numbers overnight weren't supportive of a hike as soon as Sept.
- AUD/USD is currently hovering around 50-DMA at 0.7562, close above could see further upside.
- The pair finds major support by channel base at 0.7535, break below will see drag upto 100-DMA at 0.75.
- Stochs are at oversold levels and a bullish rollover with a decisive breakout above 50-DMA could see upside gain traction.
- Upside finds resistance at 0.76, 0.7634 (20-DMA) and 0.7655 (Aug 23 high).