Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD recovers from session lows at 0.7019, good to sell rallies

Aussie came under renewed selling pressure after the NAB Business conditions data show deteriorating business morale.

  • NAB's Business Confidence index was unchanged at 2 in Jan after a revised reading of 3 in Dec, while the Business Conditions index slipped from 7 to 5, the lowest reading since April 2015.
     
  • Renewed bout of selling seen in the pair as we head into European session, pair slipped to hit lows at 0.7019.
     
  • 5-DMA at 0.7089 is strong resistance on the upside, while 0.70 (psychological level and Feb 3rd lows) is next immediate support on the downside.
     
  • Price action is well below cloud and 200-DMA, Stochs have show a bearish crossover from overbought levels and MACD indicates further downside.
     

Recommendation: We find it good to sell rallies in the pair around 0.7045, SL: 0.7090, TP: 0.70/0.6985/0.6950

 

  • Market Data
Close

Welcome to EconoTimes

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