FxWirePro: AUD/USD bounces off lows, but more downside expected
AUD/USD declined to trade in lower range on Friday as strong US Non-farm payrolls data strengthened the green back against its Australian peer. Adding to the Aussie decline was also due to further fall in Crude oil price…
AUD/USD declined to trade in lower range on Friday as strong US Non-farm payrolls data strengthened the green back against its Australian peer.
Adding to the Aussie decline was also due to further fall in Crude oil prices, as oversupply and strength of the dollar weighted on the commodity.
Currently the pair is making an attempt to test support level at 0.7596.
Further upside is expected to be limited as the pair finds strong resistance at 0.7720 which should limit upside and bring a decline towards lower levels.
Technically in the 4 hours chart, the pair has extended its decline below its 20 SMA, whilst the RSI heading south at 49.
To the upside, the strong resistance can be seen at 0.7720, a break above this level would take the pair towards next resistance level at 0.7798.
To the downside immediate support can be seen at 0.7596, a break below this level will open the door towards next level at 0.7555.
