AUD news

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Australian Home Loans Rebound 1% in May, Missing Forecasts

Home financing in Australia bounced back in May from three months of decline, although the rate of growth was below forecasts.

The number of new loans granted for owner-occupied homes climbed by a seasonally adjusted 1% in May, following a 1.9% drop the previous month, the Australian Bureau of Statistics reported Tuesday. A median estimate of economists called for a gain of 1.5%.

Australia Westpac Consumer Confidence Rises 0.4% in July

A gauge of Australian consumer confidence rebounded in July following three months of declines, although underlying concerns over record debt levels remained in focus.

The Westpac-Melbourne Institute survey of consumer sentiment climbed 0.4% in July, after falling 1.8% last month.

AUD/USD Rallies For A Fourth Consecutive Session, Wipes RBA-Inspired Losses

AUD/USD is on track to post a fourth straight day of gains and has fully erased losses that resulted from the RBA meeting earlier this month. The pair is seen approaching critical resistance that will be important for the medium-term trend.

The bulk of today’s gains in the currency pair came on the release of Fed Chair Yellen’s testimony to Congress. Yellen reiterated the Fed’s intention to gradually raise rates and to start normalizing the balance sheet later this year.

AUD/USD Surges Through 14-Month Trendline Resistance

AUD/USD rallied for a fifth consecutive session and is seen breaking above a trendline that extends back to a high posted in April 2016. The pair hit a high of 0.7739 on the day thus far, falling shy of the high of the year of 0.7749 posted in March.

The pair was seen testing the trendline resistance shortly ahead of the European open today and gained upward momentum following the breach. Momentum slowed after a test of resistance at 0.7726 which held the advance during the European and North American session overlap.

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AUD/USD Surges To Fresh 2017 High, On Pace To Post Highest Weekly Close In 2 Years

AUD/USD sliced through resistance today to trade at fresh highs for the year. The pair is on track to post a sixth consecutive day of gains and technical developments over the past few days suggest there’s further upside ahead.

AUD/USD broke above a 14-month declining trendline on Thursday and broke above key resistance at the same time that held the pair lower on several attempts on a weekly chart since early last year.

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AUD/USD forecast for the week of January 17

The Australian dollar broke out during the week, slicing above the 0.7750 level. The market looks very bullish, but there is a bit of a “zone” above that continues to offer resistance. This is a good sign that we should continue to go higher though, but I think short-term pullbacks are likely. Ultimately, the market looks as if it should continue to go higher based upon not only the size of the candle, but the fact that the highs have been broken and of course the lows continue to get higher as well. We are forming a bit of a decent sized ascending triangle, and I think that we will probably test the 0.80 level above.

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AUD/USD Consolidates Near 2016 Highs Ahead Of Aussie Minutes

AUD/USD may be on pace to end a six-day winning streak as resistance from last year’s highs has held the pair lower today but the pair posted an impressive rally last week with a technical break that points to more upside over the medium-term.

AUD/USD printed the highest weekly close in over two years after breaking above trendline resistance last week. The trendline connects the April 2016 high with the high posted in November 2016 and had held the pair lower on several tests earlier this year.

RBA Minutes Signal Optimism Toward Second-Quarter Growth

The Reserve Bank of Australia (RBA) highlighted growing divergences in the domestic economy at its most recent policy meeting, but said the outlook for the second quarter remained generally positive following a slow start to the year.

Recent economic data indicate that the June quarter “had been generally positive” amid rebounding consumption growth. However, this segment of the economy remained generally subdued given the record level of household debt bearing down on consumers.

Aussie at two-year highs vs. dollar after RBA minutes

The Aussie Tuesday surged over 1% against the dollar to levels last seen two years ago.
The jump came after the release of the minutes of the latest Reserve Bank of Australia's policy meeting, which were deemed hawkish.
The Aussie was up 1.37% at $0.7909 at 04:30 ET. The last time it touched $0.80 was in May 2015.

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