AUD/USD stalling on data but holds on hourly 200 SMA

By FXStreet FXStreet (Guatemala) – A once better offered AUD/USD in early Asia soon gathered pace to the upside and changed tack with a score through the 200 SMA on the hourly chart and reaching a high of 0.7056.

Westpac Consumer Confidence was a big miss down at -5.6% vs 7.8% previous but there was little reaction as a poorer reading was to be expected after such a strong previous number, the recent turmoil in the markets and prices in commodities. However, the Home Loans data came out missing expectations at 0.3% vs 0.8% and the currency is feeling some initial pressure now at these levels post the release.

AUD/USD has has been a good performer otherwise and was actually up through the 200 SMA on the hourly chart making further advances on the earlier bid throughout Tokyo. The bid theme had been set off by Australian business conditions survey yesterday that sparked a round of short-covering and then the risk-on environment that emerged in late Asia yesterday. The SHCOMP is flat at time of writing following gains of over 2% yesterday while the Nikkei is up 800 above the 18,200 mark up +4.5%.

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Source:: FX Street