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AUD/USD chart on Trading View used for analysis
- AUD/USD edges marginally higher to test 0.72 handle, intraday bias remains neutral.
- Fresh US dollar selling across the board and a rebound in copper prices supporting upside in the pair.
- However, upside likely to be limited as traders remain cautious as we head into the Fed rate decision.
- Focus also on Australia employment report (due Thursday). Australia’s employment change for the month of November is expected to come in lower at 20.0K, from 32.8K in October.
- Technical studies are still biased lower, with no major signs of reversal.
- The pair is struggling at 0.72 handle from the past few sessions and we see any meaningful upside only above 21-EMA.
- Rejection at 0.72 handle will see resumption of weakness and dip till 78.6% Fib at 0.71 then likely.
Support levels - 0.7163 (61.8% Fib), 0.71 (78.6% Fib and psychological support)
Resistance levels - 0.7198 (50-DMA), 0.7222 (21-EMA), 0.7251 (38.2% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
