Key Highlights
· The Aussie dollar traded higher but failed twice near 0.7696 against the US Dollar.
· There are a couple of bullish trend lines on the 4-hours chart of AUD/USD with supports at 0.7620 and 0.7580.
· Today, the RBA Interest Rate Decision will be announced by the Reserve Bank of Australia, and the central bank is expected to keep rates at 1.5%.
· Earlier today, the HIA/AiG Performance of Construction Index, released by the Australian Industry Group and the Housing Industry Association posted a rise from 47 to 47.7 in January 2017.
AUD/USD Technical Analysis
The Aussie dollar enjoyed a decent upside ride against the US dollar this past week and traded above 0.7650. However, the AUD/USD pair failed twice near 0.7696, putting it at a risk of a downside move.
The pair is likely forming a double top pattern near 0.7700, which means there is a chance of a downside move. However, there are a couple of bullish trend lines on the 4-hours chart, which might provide support near 0.7620 and 0.7580.
Moreover, the 50% Fib retracement level of the last leg from the 0.7554 low to 0.7696 high is at 0.7625, which might also provide bids. Overall, the pair remains at a risk, but has many supports on the downside.