- AUD/CHF fails to break above 21-EMA at 0.7374, intraday bias bearish.
- Aussie dampened by a big miss in Australian employment figures released earlier today.
- Data released by Australia Bureau of Statistics showed Australia unemployment rate ticked higher to 5.6 percent in February even as the economy added 17.500 jobs.
- The pair is trading 0.77% lower on the day at 0.7316, we see scope for further weakness.
- Technical studies are bearish. RSI below 50 levels. Stochs are biased lower and MACD is well below zero levels.
- Next major support lies at 0.7260 (major trendline). Break below will see further weakness.
- On the upside, breakout above 21-EMA at 0.7374 invalidates bearish bias.
Support levels - 0.7311 (March 19 low), 0.7266 (Feb 9th low), 0.7260 (trendline)
Resistance levels - 0.7344 (5-DMA), 0.7374 (21-EMA), 0.74
Recommendation: Good to go short on rallies around 0.7335/45, SL: 0.7380, TP: 0.7310/ 0.7260/ 0.7240.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -87.2111 (Bearish), while Hourly CHF Spot Index was at 79.902 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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