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FxWirePro: AUD/USD pauses downside at 0.70 handle, weakness till 61.8% Fib likely

AUD/USD chart - Trading View 

  • AUD/USD trades range bound amid holiday-thinned trading as Australian markets remain closed due to ANZAC Day holiday.
     
  • Poor prints of Aussie quarterly inflation figures triggered speculations of an imminent rate-cut from the Reserve Bank of Australia (RBA).
     
  • AUD/USD slumped on Tuesday's trade to hit 7-week lows at 0.7004, bias still bearish. 
     
  • Downside has paused at 0.70 handle and the pair is currently trading rangebound at 0.7014 at 0445 GMT.
     
  • Technical indicators support downside in the pair. RSI and Stochs are sharply lower. RSI has edged below the 50 mark.
     
  • Price action has broken strong trendline support at 0.7095, eyes next support at 61.8% Fib at 0.6955.
     
  • Stochastics RSI indicator suggests oversold conditions, minor upticks likely. 
     
  • Upside finds major resistance at 0.7110 to 0.7120 zone. Break above could see gains till 200-DMA. Bearish invalidation above 200-DMA.

Support levels - 0.70, 0.6955 (61.8% Fib), 0.69

Resistance levels - 0.71, 0.7111 (21 EMA), 0.7184 (200-DMA) 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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