Forex: AUD/USD trading negatively at 1.0452/55 after US data
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AUD/USD
FXstreet.com (Barcelona) - The AUDUSD has been firmly entrenched in negative territory during American trading Tuesday, further hurt by the publication of economic data in the United States. In recent moments, the AUDUSD has settled in the region of 1.0452/55, down -0.13%.
According to Mark De La Paz, an analyst at FX Instructor, "the market appears to have a bullish bias in the AUDUSD hourly charts. We also have a bearish engulfing and is well resisted at the 1.0475 level. With a medium level bearish reversal pattern consider shorts from just under 1.0475 the immediate target a strong support, 1.0456, the Pivot Point break of which opens 1.0446 for a full trend reversal."
In the United States, Consumer Confidence came in at 73.7 in November, beating expectations of only 73.0. Moreover, the Housing Price Index (MoM) yielded a result of +0.2% against a consensus of +0.4%. Finally, the Richmond Fed Manufacturing Index reported a figure of 9.0, relative to projections of -2.0.
From a technical perspective, De La Paz points to resistances at 1.0475, onto 1.0485, and finally 1.0503. Conversely, the AUDUSD will encounter support at 1.0446, followed by 1.0428.
According to Mark De La Paz, an analyst at FX Instructor, "the market appears to have a bullish bias in the AUDUSD hourly charts. We also have a bearish engulfing and is well resisted at the 1.0475 level. With a medium level bearish reversal pattern consider shorts from just under 1.0475 the immediate target a strong support, 1.0456, the Pivot Point break of which opens 1.0446 for a full trend reversal."
In the United States, Consumer Confidence came in at 73.7 in November, beating expectations of only 73.0. Moreover, the Housing Price Index (MoM) yielded a result of +0.2% against a consensus of +0.4%. Finally, the Richmond Fed Manufacturing Index reported a figure of 9.0, relative to projections of -2.0.
From a technical perspective, De La Paz points to resistances at 1.0475, onto 1.0485, and finally 1.0503. Conversely, the AUDUSD will encounter support at 1.0446, followed by 1.0428.
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