FxWirePro: AUD/USD rejected at major resistance 0.7730, holds 5-DMA support, bias higher
Tuesday, November 8, 2016 5:12 AM UTC
- AUD/USD edges lower after rejection a major trendline resistance at 0.7730.
- The pair has taken support at 5-DMA currently at 0.7689, weakness only on break below.
- Techs support upside in the pair, break above trendline resistance at 0.7730 could see upside upto 0.7835 levels.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-upside-stalls-shy-of-077-handle-bias-higher-good-to-long-dips-384633) has hit all targets.
- Major support levels - 0.7689 (5-DMA), 0.7656 (Nov 7 low), 0.7639 (20-DMA)
- Major resistance levels - 0.7730 (trendline), 0.7734 (Oct 20 high), 0.7749 (Aug 16 high)
- Markets await the outcome of US elections, while China's trade data dampened the sentiment around the AUD.
- We would prefer to wait for clear direction before entering into any trade.