The data released in Australia today has some impact on the AUDUSD pair. Examine the latest 1 February AUDUSD Technical Analysis to see how the pair trades.
1 February, GKFX – AUD/USD turned lower from the session high of 0.8067 and was last seen trading at 0.8049, courtesy of weaker-than-expected housing data.
- AUD/USD trims gains but holds above the accelerated trendline.
- Aussie Import price index bettered estimated, but building permits tanked.
- Bearish outside day candle indicates trendline could be breached.
The data released in Australia today showed the building permits tanked 20 percent month-on-month in December, beating the estimated drop of 8 percent by a big margin.
Meanwhile, the fourth quarter import price index came in at 2.0 percent quarter-on-quarter, beating the estimated drop of 0.8 percent. It shows the economy imported inflation at a faster rate in the fourth quarter. However, the upbeat inflation number has not put a bid under the Aussie dollar.
That said, the currency pair is still holding above the key rising trendline, although the previous day’s bearish outside day candle, coupled with an overbought RSI indicates the accelerated trendline (drawn from the Dec. 11 low and Jan. 10 low) could be breached soon.
1 February AUDUSD Technical Analysis
Despite the retracement and the short-term negative bias, the pair holds above the 0.800 figure, a line in the sand at this point, as bulls may hesitate if the pair breaks the level. Technical readings in the 4 hours chart favor some further slides ahead, as indicators head sharply lower below their mid-lines, as the price fell below its 20 SMA.
Support levels: 0.8000 0.7965 0.7920
Resistance levels: 0.8070 0.8100 0.8135
This article 1 February AUDUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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