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Forex: AUD/USD up to 1.0330 on NAB data and China housing

FXstreet.com (Barcelona) - The AUD/USD is moving stronger today as investors are more prone to risk after a stronger housing price report in China, improving business confidence in Australia and ahead of the G20 meeting that starts today. The cross has been rising across the chart since the 1.0270 low printed just ahead of the NAB report. The market is already up by +0.28% and extending gains to 1.0330.

According to NAB (National Australia’s Bank), business confidence in Australia improved from -5 to 2 in Q1 (QoQ), and trading conditions rose from -1 to 5. The report added that profitability, employment and exports to 5, 1 and 3, respectively. “Capex intentions remain very weak, especially for non-mining investment (the focus of the RBA). So a mixed report after all”, wrote TD Securities analyst Annette Beacher.

“We should see a slide to the 1.0204/16, the 11th March low and 78.6% retracement en route to the 1.0116 recent low”, wrote Commerzbank analyst Karen Jones. “The 1.0116/00 represents the bottom of a 9 month range and break down from here will be significant and target the .9840/27 zone – the 2011-2013 support line and the 200 week ma”, she added.

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