Head and Shoulders pattern formation seen on AUD/USD charts. AUD/USD eased to 0.7263, from 0.7289 early, pulling away from a peak and a major retracement level of 0.7335 touched on Thursday. Falling Oil reduces the cost …
Head and Shoulders pattern formation seen on AUD/USD charts.
AUD/USD eased to 0.7263, from 0.7289 early, pulling away from a peak and a major retracement level of 0.7335 touched on Thursday.
Falling Oil reduces the cost of production for other metals and thus weighs over commodity dollars pack.
AUD/USD ignored moderate gains in Comex Copper and tracked oil lower, oil benchmarks lower after IEA monthly report, traders now await the rig count data in the US, due later today.
Watchout for AUD/USD breaks below 0.7180 (neckline) for further downside in the pair. 0.70 could be next bear target.
Immediate support is seen at 0.7201 (50-DMA), while resistance is seen at 0.7258 (hourly 50-MA) ahead of the major hurdle at 0.7284 (hourly 200-MA).
Recommendation: Go short on break below 0.7180, SL: 0.7280, TP: 0.70
