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FxWirePro: AUD/USD slips on weak China data, maintains bearish bias

  • AUD/USD declined on Thursday as Australian dollar was weighted down on disappointing Chinese trade data and expectations that Federal Reserve will raise interest rates in December.
     
  • The pair remains under bears control unless until it trades below 0.7630 resistance level, therefore it is good to sell this pair on rallies.
     
  • To the upside, immediate resistance can be seen at 0.7590, a break above this level would take the pair towards next resistance level at 0.7630.
     
  • To the downside immediate support can be seen at 0.7549, a break below this level will open the door towards next level at 0.7505.​

    Resistance Levels

    R1: 0.7590 (61.8% Retracement level)

    R2: 0.7630 (October 10th high)

    R3: 0.7692 (October 4th high)​

    Support Levels

    S1: 0.7549 (50% Retracement level)

    S2: 0.7505 (38.2% Retracement level)

    ​S3: 0.7454 (23.6% Retracement level)

 

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