FxWirePro: AUD/USD hovers around 20-DMA, close below to confirm downside
Friday, October 21, 2016 4:57 AM UTC
- Aussie under pressure in wake of increased odds of RBA easing after yesterday’s poor employment numbers.
- Weakness across the commodities space also collaborates to the downbeat sentiment around the resource-linked AUD.
- The pair ended six-day winning streak and dived sharply into negative territory yesterday.
- AUD/USD is currently holding above 20-DMA at 0.7626, weakness confirmed on break below.
- Techs on intraday charts have turned bearish, RSI and Stochs are biased lower.
- Major support levels - 0.7626 (20-DMA), 0.76, 0.7581 (Oct 17 low)
- Major resistance levels - 0.7654 (5-DMA), 0.77 (trendline), 0.7760 (Aug 11 high)
- Our previous call (http://www.econotimes.com/fxwirepro-aud-usd-tanks-after-poor-jobs-data-good-to-short-rallies-357651) has achieved TP1.
- Recommend holding for targets.