The Australian dollar moved sharply higher against the greenback this week, as a mixture of positive Chinese data and US dollar weakness boosted the Aussie above the 0.7300 level.
November 9, OctaFX – The Chinese economy posted much better than expected trade data, bolstering the AUDUSD pair as fears over a slowdown in the world’s second-largest economy subsided.
The Reserve Bank of Australia kept rates on hold at 1.50 per cent as widely expected this week as household spending remained low, keeping the outlook for the Australian economy uncertain.
AUDUSD Technical Analysis
- The AUDUSD pair is bullish while trading above the 0.7238 level, key resistance is found at the 0.7340 and 0.7380 levels.
- If the AUDUSD pair trades below the 0.7238 level, further losses towards the 0.7180 and 0.7150 support levels remains possible.
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