FxWirePro: AUD/USD rejected at session lows, good to buy dips
Commodity currencies have benefited from the rebound in oil prices. Both AUD and NZD saw net buying interest. AUD/USD edges higher from session lows at 0.7135, currently trading around 0.7166 with session highs at 0.7171…
Commodity currencies have benefited from the rebound in oil prices. Both AUD and NZD saw net buying interest.
AUD/USD edges higher from session lows at 0.7135, currently trading around 0.7166 with session highs at 0.7171.
Hanging-man formation seen on daily charts on Friday, price action edges above cloud which is strong support on the downside.
The pair finds strong resistance at 0.72 levels, breaks above could see further bullishness.
On the downside immediate support is seen at 0.7152 (5-DMA) and further below at 0.7133 (Feb 18th lows).
Key data due in the week which might influence the pair: Australia's Capex, Q4 wage data; US consumer confidence, existing and new home sales, durable goods, Q4 GDP.
Recommendation: Good to buy dips around 0.7150, SL: 0.7110, TP: 0.7190/0.72/0.7220
