FxWirePro: AUD/USD gains modestly as Yellen's speech looms
Friday, August 26, 2016 1:54 PM UTC
- The AUD/USD inched higher on Friday as investors waited on a speech by Federal Reserve Chair Janet Yellen for any new indications on when the U.S. central bank will next raise interest rates.
- Currently, the currency pair is trading at 0.7660 levels, it is set to decline towards 0.7600 and 0.7550 levels in the short term.
- Short pullback around 0.7680 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
- To the upside, the strong resistance can be seen at 0.7706, a break above this level would take the pair towards next resistance level at 0.7749.
- To the downside immediate support can be seen at 0.7627, a break below this level will open the door towards next level at 0.7578.
Resistance Levels
R1: 0.7666 (50% Retracement level)
R2: 0.7706 (61.8% Retracement level)
R3: 0.7749 (Aug 16th high)
Support Levels
S1: 0.7627 (38.2% Retracement level)
S2: 0.7578 (23.6% Retracement level)
S3: 0.7555 (July 15th low)