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Aussie edging higher towards resistance at 0.9700

FXstreet.com (Barcelona) - The Aussie is trading slightly higher tonight, up 25 pips at 0.9662 after a mixed batch of economic data out of Australia hit the wires at 1:30GMT.

On the positive side, Building permits came in better than expected, +9.1% vs. 4.0%. However, Private Capital Expenditure came in at -4.7% actual vs. 0.8% forecast. Initial reaction to the print was mixed, trading as low as 0.9584 bit quickly recovering all losses to go positive on the session and trade as high as 0.9677.

Short term moving averages remain bearish on the daily chart, with price below both the 9 and 20dma’s. The RSI (14) remains extremely oversold, and is showing multiple ‘bullish divergences’ at the 25 level which could help spark a short covering rally. Initial resistance sits at 0.9700 (resistance from shooting star candle on 1 hour chart), while first support sits at 0.9650 (previous support, now resistance).

Australia Building Permits (YoY) rises to 27.3% in Apr from 3.9%

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EUR/USD edging towards resistance at 1.3000

The EUR/USD is drifting higher during the Asia session, up 20 pips at 1.2959 and sitting just below key resistance located at 1.3000. It will be another busy economic session out of Europe, with a some key EU Confidence reports being released later in the day.
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