Today during the Asian session, the Aussie NAB monthly business survey was released. The NAB monthly business survey was a disappointment, showing that after rising sharply in June, Australian business confidence and conditions pulled back in July.
Technical view: After the Aussie data, the cross managed to trade above 20Dsma trading at 4-day high. On the hourly chart, the cross gave a break from the inverse h& pattern. On the four-hour chart, the cross shifted the trading pattern to higher lows and higher highs. These factors indicate further bullishness.
Intraday resistance seems at 1.4980, 1.5030, and 1.5060. The cross is approaching a descending trend line on the hourly chart. If bulls manage to breach that line, they can aim at 1.5150 in the coming days. In intraday trading, use a dip with sl 1.4830.
The material has been provided by InstaForex Company – www.instaforex.com