Key Highlights
· Aussie dollar was seen trading higher against the US dollar, as the latter one weakened lately.
· There is a bearish trend line formed on the hourly chart of the AUD/USD pair, which is currently acting as a resistance for more gains.
· In Australia, the National Australia Bank Business Confidence was released, which posted a reading of 6 in March 2016.
· Moreover, the Australian National Australia Bank Business Conditions came in at 12.
AUD/USD Technical Analysis
The Aussie dollar enjoyed a nice little ride against the US dollar during the past couple of sessions, as the greenback lost ground against most of its peers. The AUD/USD pair traded above the 100 hourly simple moving average, and is currently testing a bearish trend line formed on the hourly chart.
The pair also traded above the 200 hourly simple moving average, and positioning for a break above the trend line resistance.
If the pair manages to break the trend line resistance, then a move towards the 0.7700 area is possible in the near term. On the downside, the 100 SMA may continue to provide support.