16.08.201711:19 Forex Analysis & Reviews: Fundamental Analysis of AUD/USD for August 16, 2017

AUD/USD has been in a bearish volatile trend recently after bouncing back from 0.8050 resistance area. Today AUD MI Leading Index report was published with a positive value at 0.1% from the previous negative value of -0.2% and Wage Price Index was published as expected at 0.5% which previously was at 0.6%. On the USD side, today Building Permits report is going to be published which is expected to decrease to 1.25M from the previous figure of 1.28M, Housing Starts report is expected to be unchanged at 1.22M and Crude Oil Inventories report is expected to show less deficit at -3.0M from the previous figure of -6.5M. USD has been quite strong recently due to positive economic reports which also showed in this currency pair whereas the dominant currency AUD could not hold the gains for long. As of today, AUD has been quite positive with its economic reports and some high impact USD economic reports are yet to be published but AUD is expected to have an upper hand over USD in the coming days.

Now let us look at the technical view, the price is currently bouncing off the support area of 0.7750 to 0.7840. After a constant impulsive bullish trend, the pair has recently retraced towards the support area and currently the bullish bias is expected to continue higher towards 0.8050 and 0.8150 resistance area in the coming days. As the price remains above the support level of 0.7750 with a daily close the bullish pressure is expected to continue further.