AUD/USD breach above 5-DMA at 0.6993 on Wednesday's trade proved short-lived, the spike to 0.7048 was quickly faded.
- Upbeat jobs data earlier in the day failed to lift the Aussie, it saw a marginal number of bullish pips, but then price resumed the downside.
- The pair tested major trendline support at 0.6920 and held above, breaks below could take the pair to 0.6855 (Apr 2009 lows).
- Pressure still on amidst a strong greenback and falling oil, while stock markets remain jittery in cautious market conditions.
Recommendation: Watchout for break below 0.6920 to go short for 0.6855, stops then at 0.6965
Resistance Levels:
R1: 0.6964 (5-DMA)
R2: 0.70 (psychological level)
R3: 0.7021 (Jan 12th highs)
Support Levels:
S1: 0.6920 (Session low and trendline support)
S2: 0.6910 (Sept 7 lows)
S3: 0.6907 (Sept 4 lows)
