Today, with the green candle tag showing on the graph, the AUD rises up against the US$. The rise takes the price of AUDUSD to above 0.5900. Looking at the graph then we come to note that AUD’s self has experienced a very bad time since the beginning of the month, hence this rise plays a crucial role in the growth of AUD currency.

The graph showed a few support levels that provide the potential to raise the price above the level and also help the price to move from the various levels of resistance which are being considered as the hurdle in the path of the AUDUSD success.

As we switched our attention to recent US releases, we found it had the number of news that devalued the US Dollar’s Strengthening and thus lifted the AUD dollar.

First The Building Permits s.a., which is the number of permits for new construction projects decreased from 1.55 million this month to 1.47 million. It’s known to be a leading housing market predictor. When the number of permits is smaller, this is considered to be less hopeful (or bearish) for the USD.

The initial unemployment claims then plunged from 211 K to 281 K, making the US dollar weak. That provides a measure of labor market strength. In that number, a trend upward indicates that this demand is small. The upward trend is usually taken as negative or bearish for the USD.

The price at this point, as seen in the above graph, has the instant trendline support at 0.5809 which will encourage the price to raise itself and then the key horizontal support has supported the price at 0.5502.

Conclusion

Even though the above graph depicts the AUDUSD’s negative picture, we can not disregard the fact that pair is now improving itself from the past couple of days, so it may be valuable for both long-term and short-term traders alike.