Unexpected Aussie New Home Sales Release Helps AUD/USD

Unscheduled and without warning the Australian June New Home Sales came in significantly better month over month at +0.5% vs. the -5.7% reading in May. Commodity and other risk pairs were already retracing their losses into the release and the positive new certainly didn’t hurt, however the market has since calmed down and might continue lower again this session. On the AUD/USD pair below we see the pair move off its lows and we will look for a substantial break of the 4-21hr moving average which has provided some support on the way up to lead to the next support level at the 38.2% level and then the 80 cent handle at the 50% retracement, where the 4-100hr and 4-200hr moving averages have converged.

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