AUD/USD – Buy Dips Aussie Dollar?
Titan FX | Mar 14, 2016 10:04PM ET
Key Highlights
· Australian Dollar surged higher during the past couple of weeks against the US dollar, and may continue to rise.
· The AUD/USD pair cleared the 0.7400 resistance area, which was a major hurdle for more gains.
· In Australia, the minutes of the Reserve Bank of Australia meetings were released, which ignited a minor downside move in AUD/USD.
· Moreover, the Australian New Motor Vehicle Sales released by the Australian Bureau of Statistics posted a rise of 2.3% in Feb 2016, compared with the last rise of 5.1%.
AUD/USD Technical Analysis
The Aussie dollar recently climbed to trade near the 0.7600 resistance area against the US dollar, where it found sellers. The AUD/USD pair is currently correcting lower and heading towards a bullish trend line formed on the hourly chart.
The highlighted trend line and support area hold a lot of importance, as the pair must hold it if it has to retain the bullish bias.
A break below the trend line support area or below the 0.7450 may open the doors for a larger correction in the short term in AUD/USD.
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