FxWirePro: AUD/USD holds support at 38.2% Fib at 0.7893, break below to see further weakness

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FxWirePro: AUD/USD holds support at 38.2% Fib at 0.7893, break below to see further weakness

Monday, February 5, 2018 6:28 AM UTC

comments

AUD/USD broke below 20-DMA at 0.7980, hit 4-week low at 0.7890, bias remains bearish.
The pair has held support at 38.2% Fib at 0.7893, break below will see resumption of weakness.
We see the major is extending downside after formation of bearish divergence on RSI and Stochs.
Immediate support is seen at 0.7893 (38.2% Fib retrace of 0.7501 to 0.8135 rally), while immediate resistance is seen at 20-DMA at 0.7983.
Focus on Australia retail sales and RBA monetary policy decision for further impetus.
The RBA likely to stay pat, while commentary will be more upbeat after a positive run of data both domestically and globally.

Support levels - 0.7893 (38.2% Fib retrace of 0.7501 to 0.8135 rally), 0.7818 (50% Fib), 0.7778 (100-DMA)

Resistance levels - 0.7983 (20-DMA), 0.8005 (5-DMA), 0.8043 (Feb 2 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-struggles-at-080-handle-break-below-20-DMA-at-07986-to-accentuate-weakness-1129904) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 0.80, watch out for break below 38.2% Fib for further weakness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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