FxWirePro: AUD/USD bounces off lows, but more downside expected
AUD/USD declined to trade in lower range on Friday after mixed US employment data strengthened the green back against its Australian peer. Earlier in the Asian session the Aussie was hammered down after Reserve Bank of A…
AUD/USD declined to trade in lower range on Friday after mixed US employment data strengthened the green back against its Australian peer.
Earlier in the Asian session the Aussie was hammered down after Reserve Bank of Australia surprised the market with the deeper cuts than anticipated to its inflation outlook.it now sees underlying inflation at just 1 to 2 percent for 2106.
Currently the pair is making an attempt to test support level at 0.7371.
Further upside is expected to be limited as the pair finds strong resistance at 0.7406 which should limit upside and bring a decline towards lower levels.
To the upside, the strong resistance can be seen at 0.7406, a break above this level would take the pair towards next resistance level at 0.7481.
To the downside immediate support can be seen at 0.7332, a break below this level will open the door towards next level at 0.7285.
