The AUDUSD pair closes in on 0.80 after home loans beat forecasts. What else is discussed in the latest 17 January AUDUSD Technical Analysis? Examine it carefully for an in-depth insight.
17 January, GKFX–AUD/USD cut through resistance at 0.7978 (76.4% Fib R of Sep-Dec sell-off) and almost tested 0.80 levels after the data released in Australia showed the value of home loan lending rose for the second month in November.
- AUD catches a bid on upbeat Aussie home loans data.
- AUD/USD nears 0.80, but is vulnerable to technical corrections.
According to the Australian Bureau of Statistics (ABS), total lending rose by 2.3% to $33.507 billion in seasonally adjusted terms, beating the estimated drop of 0.2% by a big margin. The details reveal a rise in owner-occupier and investor demand for home loans.
The upbeat data masked the overbought conditions as shown by the daily RSI, and helped the Aussie dollar near 0.80 levels. A break above the psychological hurdle looks like a done deal, although the sustainability of gains is under question, given the currency pair looks overdue for a technical correction. That said, the dips are likely to be short-lived as momentum studies – 5, 10 & 20 DMAs trend north.
17 January AUDUSD Technical Analysis
A break above 0.80 (psychological hurdle) would open doors for 0.8037 (Sept. 21 high) and 0.8066 (Jul. 27 high). On the other hand, a failure to hold above 0.7978 (76.4% Fib R of Sep-Dec sell-off) could yield a pullback to 0.7943 (5-day MA) and 0.7894 (10-day MA).
This article “17 January 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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