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• The AUD/USD currency pair gained 0.34% on positive sentiment, defying the impact of the negative housing market report.
• The bias appeared to be neutral with an upside tilt. A breach of the 200-DMA at 0.6579 could target the 0.6600 and 0.6639 levels.
• Downside risks include the 200-DMA at 0.6579 and the Jan. 17 low of 0.6523 before testing the 0.6500 mark.

On Friday, the Australian dollar registered solid gains from the US dollar amidst an upbeat market mood following the release of an improvement in consumer sentiment and a negative housing market report. At the time of writing, the AUD/USD was seen exchanging hands at the 0.6373 mark, with gains of 0.34%.

The daily chart portrays the pair with a neutral bias, though tilted to the upside, after breaking above the 200-day moving average (DMA) at 0.6579. Further upside can be seen at the 0.6600 level, followed by the 50-day moving average (DMA) at 0.6639. Once surpassed, the next stop would be the Jan. 12 cycle high at 0.6728.

For a bearish resumption, the AUD/USD currency pair's first line of support would be the 200-DMA at 0.6579, followed by the Jan. 17 daily low of 0.6523. A drop below that level could see sellers challenge the 0.6500 figure.

AUD/USD Price Action – Daily Chart

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AUD/USD Technical Levels

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