Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD finds strong support at 0.7611 (20-day MA), good to go short on break below

  • Dallas Fed president was on the wire saying that there is room for the Fed to maneuver on rates, backing Dudley overnight.
     
  • Data released overnight showed US jobless claims for the week to 13 Aug fell to 262k, slightly better than the 265k expected. Also, Philadelphia Fed business activity bounced from -2.9 to 2.0, as expected.
     
  • Selling pressure in AUD/USD intensifies on a broadly stronger US dollar and weak commodity prices.
     
  • The pair now eyes strong support by 20-DMA at 0.7611, break below likely to target 0.7525 (trendline).
     
  • Intraday bias lower, the pair is currently trading at 0.7631, down 0.7 pct on the day.
     
  • Focus next week remains on macro updates from both continents, including Australia capex and US GDP data.

Recommendation: We would recommend going short on the pair only on a decisive break below 20-DMA, target 0.7525 levels.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.