AUD/USD attempts a bounce to 0.7150

By FXStreet FXStreet (Mumbai) – The AUD/USD pair extends gains heading into the mid-Asian session, as the Australian dollar received fresh impetus from better than expected Australia’s housing data.

AUD/USD clinging to 0.71 handle

Currently, the AUD/USD pair trades 0.13% at 0.7141, hovering close to fresh session highs posted at 0.7147 some minutes ago. The Aussie snapped previous losses and swung into gains as fresh bids popped up on the release of Australia’s residential property prices index.

The price index for residential properties for the weighted average of the eight capital cities rose 4.7% in the June quarter 2015 versus an expected increase of 2.5% and against 1.6% previous. HPI is a leading indicator of the housing industry’s health.

Separately, ANZ’s Consumer Confidence Index showed an 8.7% jump last week, from 105.3 to 114.5, which also boosted the AUD bulls.

Moreover, persisting risk-on moods and rebounding oil and gold prices also lifted the sentiment around the resource-linked Aussie.

AUD/USD Levels to watch

The pair has an immediate resistance at 0.7198 (Sept 21 High) levels, above which gains could be extended to 0.7253 (Aug 25 High) levels. On the flip side, support is seen at 0.7122 (Today’s Low) levels from here it to 0.7082 (Sept 15 Low).
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Source:: FX Street