AUD/USD rises to 2-week high as break of 0.7130 push bulls toward 0.7145/50 resistance-confluence

• The break of 0.7130 and upbeat Australian housing market data pleased the Aussie buyers.
• 100-day SMA and short-term resistance-line can challenge optimists around 0.7150.

AUD/USD is presently trading near two-week high of 0.7140 before the European markets open on Tuesday. The pair gained traction as upbeat Australian housing finance data joined hands with the overall US Dollar weakness. Traders may now concentrate on any updates concerning the US-China trade talks as the economic calendar is in a thin shape.

While positive commodity prices and sluggish US data helped the Aussie maintain its earlier strength on Monday, traders took advantage of the broad US Dollar weakness during early Tuesday.

Adding to the optimism was better than expected February month housing finance data from Australia. Investment lending for homes grew 2.6% from upwardly revised -2.3% prior whereas home loans beat -2.0% forecast and -2.5% revised earlier with +2.0% gain.

Buyers were also pleased with the pair’s break of 0.7130 horizontal-resistance that has been limiting the upside since the month-start.

Looking forward, traders await details of the US-China trade talks that recently pleased global commodity players with signals to end a bitter tariff was between the world’s two largest economies.

On the economic front, the US February month JOLTS job opening will bear market attention. The employment figure could soften to 7.550 million from 7.581 million registered during the previous month.

AUD/USD Technical Analysis

Despite breaking 0.7130 upside barrier, the Aussie bulls still need to cross 0.7145/50 resistance-confluence in order to justify their strength. Should prices manage to clear 100-day simple moving average (SMA) and seven-week-old descending trend-line area, 200-day SMA level of 0.7200 can appear in the spotlight.

Meanwhile, failure to hold the recent breakout and pull the quote back to 0.7130 and 50-day SMA level of 0.7115 whereas 0.7100, 0.7090 and 0.7050 might entertain sellers during further declines.