AUD/USD is currently hovering inside the support area of 0.7480-0.7550 amid bearish pressure this week. USD has managed to gain some strength against AUD this week. USD is expected to sustain the strength throughout the week. Today, Australia's MI Leading Index was published which showed a positive figure at 0.1% which previously was at -0.1%. New Motor Vehicle Sales report was also released with a positive figure at 1.9% which previously was at -2.7%. Overall, Australia presented several positive economic reports today but could not provide AUD with solid support. On the USD side, Crude Oil Inventories report will be posted today which is expected to be at -1.0M which previously was at -2.2M. Positive reports from the US today can lead to a further down move in this pair.
Now let us look at the pair from the technical view. The price is currently below the resistance of 0.7550. If the price remains below the level, the price is likely to move down towards 0.7480 in the coming days. Dynamic resistance of 20 EMA is also currently acting as a resistance and showing a downward slope to signal a further bearish move in this pair. On the other hand, if the price closes above the resistance level of 0.7550 with a daily close, then we will be consider buying opportunities on this pair with an upward target towards 0.7750.
