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AUD/USD has been making correctional moves recently with bullish gains. The pair is currently expected to see some bearish pressure in the coming days. AUD has been quite weak at the start of the week but today it gained ground against USD amid positive economic reports. Today, Australia's HPI report was published at 1.9%, down from the previous value of 2.2% which was expected to decrease to 1.2%. Though the report revealed a worse result, it came out better than expected, so the market sentiment quickly turned bullish and provided AUD with support. Additionally, RBA Monetary Policy Meeting Minutes were also released today where the regulator was quite positive with the broad job market improvement and GDP growth by 3.0% that directly affected the USD growth today, leading to more corrective gains of AUD. On the other hand, today US Building Permits report is going to be published which is expected to show a slight decrease to 1.22M from the previous figure of 1.23M, Current Account is expected to show a less deficit to -115B from the previous figure of -117B, Housing Starts are expected to increase to 1.17M from the previous figure of 1.16M, and Import Prices are expected to increase to 0.4% from the previous value of 0.1%. To sum up, US data in the economic calendar today do not have better forecasts to look for but any better than expected actual result can help USD to gain momentum over AUD impulsive gain today and lead to further bearish pressure in the coming days.
Now let us look at the technical chart. The price is currently residing in a corrective rising channel which was about to break yesterday but the price bounced off the support of the channel and pushed higher. As there are certain impactful news from the US on the way today, a daily close below the channel support will lead to bearish pressure in this pair with the target towards the support area of 0.7750-0.7830. As the price remains below the resistance level of 0.80, the bearish bias is expected to continue further.
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