The pair continues growing amid strengthening in oil prices and the publication of strong macroeconomic statistics in Australia at the beginning of the week. The New Motor Vehicle Sales grew by 2.2% against the previous month that indicates that the consumer confidence is increasing.
Today attention needs to be paid to data on the EIA Crude Oil Stocks change in the US. A lower reading could support the pair.
Support and resistance
The pair is consolidating near the level of 0.7820. In the nearest term, the price could decline to the level of 0.7730, but the main upward trend will remain. A trend change would be possible after a price consolidation below the lower border of the .
Support levels: 0.7730, 0.7640, 0.7590.
Resistance levels: 0.7850, 0.7900, 0.7930.
Short positions can be opened after the price consolidation below the level of 0.7790 with the target at 0.7735 and stop-loss at 0.7810.
Long positions can be opened from the level of 0.7800 with targets at 0.7850, 0.7900 and stop-loss at 0.7740.