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FxWirePro: AUD/USD holds support at 38.2% Fib at 0.7893, break below to see further weakness

  • AUD/USD broke below 20-DMA at 0.7980, hit 4-week low at 0.7890, bias remains bearish.
     
  • The pair has held support at 38.2% Fib at 0.7893, break below will see resumption of weakness.
     
  • We see the major is extending downside after formation of bearish divergence on RSI and Stochs.
     
  • Immediate support is seen at 0.7893 (38.2% Fib retrace of 0.7501 to 0.8135 rally), while immediate resistance is seen at 20-DMA at 0.7983.
     
  • Focus on Australia retail sales and RBA monetary policy decision for further impetus.
     
  • The RBA likely to stay pat, while commentary will be more upbeat after a positive run of data both domestically and globally.

Support levels - 0.7893 (38.2% Fib retrace of 0.7501 to 0.8135 rally), 0.7818 (50% Fib), 0.7778 (100-DMA)

Resistance levels - 0.7983 (20-DMA), 0.8005 (5-DMA), 0.8043 (Feb 2 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-struggles-at-080-handle-break-below-20-DMA-at-07986-to-accentuate-weakness-1129904) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 0.80, watch out for break below 38.2% Fib for further weakness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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